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Magna, Lyft to Develop and Market Self-Driving Systems
Ride-hailing service Lyft Inc. and mega-supplier Magna International plc have agreed to co-develop, produce and market an operating platform for self-driving vehicles.
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Ride-hailing service Lyft Inc. and mega-supplier Magna International plc have agreed to co-develop, produce and market an operating platform for self-driving vehicles.
Magna also will acquire a $200 million equity stake in Lyft.
The companies describe their strategic partnership as an industry first. They envision deploying their system in future Lyft vehicles and supplying it to numerous carmakers worldwide.
Magna cites its ability to deploy the autonomous-driving platform across a wide range of vehicle types and applications. The partners say their system will be market-ready within a few years.
Lyft will lead system development at its engineering center in Palo Alto, Calif. Magna will provide manufacturing expertise, vehicle systems knowledge and the ability to make and market the system at high volume.
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