Toyota acquires Lyft's self-driving unit for $500 million

Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology

TOKYO -- Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $500 million, in a move that underlines the Japanese automaker’s ambitions in that technology. The acquisition, announced Tuesday, was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as “smart cities,” robotics and automated driving. The Woven Planet project will bring together engineers and researchers in mobility services, as well as the software and sensor assets and automated driving systems to further develop the technology, according to Toyota. “This deal will be key in weaving together the people, resources, and infrastructure that will help us to transform the world we live in through mobility technologies that can bring about a happier, safer future for us all,” said Woven Planet Chief Executive James Kuffner.