Mobility technology company Magna and North America’s fastest growing rideshare company Lyft have inked a multi-year collaboration to jointly fund, develop, and manufacture self-driving systems. In addition to self-driving vehicles that will be deployed on Lyft’s own ridesharing network in the coming years, Magna has the ability to deploy the technologies across a wide range of use cases to benefit the entire global mobility ecosystem. Magna will invest $200 million in Lyft equity. The partnership will benefit from data generated by the over five billion miles travelled per year on the Lyft network
“There is a new mobility landscape emerging and partnerships like this put us at the forefront of this change. Lyft’s leadership in ridesharing and Magna’s automotive expertise makes this strategic partnership ideal to effect a positive change as a new transportation ecosystem unfolds,” said Swamy Kotagiri, Magna Chief Technology Officer.
Following the partnership, Lyft will lead the co-development of the self-driving system at its Palo Alto-based self-driving engineering centre. Magna will lead manufacturing and join Lyft’s development team onsite, contributing their vehicle systems knowledge, safety and ADAS expertise, and manufacturing capabilities. This scalable technology is expected to be market-ready over the next few years and can be deployed across the industry through Magna
“Together with Magna, we will accelerate the introduction of self-driving vehicles by sharing our technology with automotive OEMs worldwide. This is an entirely new approach that will democratize access to this transformative technology,” said Lyft CEO Logan Green.