Toyota acquires Lyft's self-driving unit for $550 million

Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $550 million, in a move that highlights 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 $550 million, in a move that highlights 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. Of the payment, $200 million will be paid upfront, and $350 million over a five-year period, according to Toyota. The Woven Planet project will bring together engineers and researchers in mobility services, software and sensor assets and automated driving systems to further develop the technology, according to Toyota.