Economy

Canada auto part giant Magna invests in Lyft

Canada auto part giant Magna invests in Lyft

Lyft will lead the co-development of the self-driving system at its Palo Alto-based self-driving engineering centre and Magna will lead manufacturing and join Lyft's development team onsite, contributing their vehicle systems knowledge, safety and ADAS expertise, and manufacturing capabilities.

The partnership with Magna will involve jointly funding, developing and making autonomous driving systems that the Canadian company could build into components it sells to auto makers.

Lyft will lead the endeavor at its self-driving center in Silicon Valley, with the companies sharing innovations, according to the release.

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"Together with Magna, we will accelerate the introduction of self-driving vehicles by sharing our technology with automotive [original equipment manufacturers] worldwide", Lyft CEO Logan Green said in a statement. Magna could be Lyft's ticket to that middleman ubiquity, another way to play as big a role in great new technology as possible by making a product many automakers can use.

As part of the agreement, Magna is also investing $200 million in Lyft equity. Other technology and auto industry giants, like Google, Apple, Tesla, Ford, Honda and BMW, have also launched driverless vehicle projects of their own. The company's executives say that it sells a variety of auto parts including complete exteriors and drivetrains, and has been known to build whole cars for clients on commission. Apple is among companies with permits to test self-driving cars in California.

Lyft and Magna will share jointly created IP and utilize Lyft data to improve systems. Lyft will utilise Magna's automotive experience for its fleet's self-driving systems. The company encourages anyone and everyone with robo-car tech to deploy its vehicles on Lyft's ride-hailing network. Lyft and Magna hope to have their self-driving system ready production "over the next few years".