Lyft to Sell Autonomous-Driving Unit to Toyota for $550 Million

Lyft Inc. is selling its self-driving division to a unit of Toyota Motor Corp. for $550 million, a move the ride-hailing giant said will help it turn a profit sooner than previously expected. Woven Planet Holdings, a Toyota subsidiary focused on autonomous technology, will pay $200 million up front as part of the deal, Lyft said Monday. The remaining $350 million will be paid in cash over a five-year-period. Lyft's departure from building self-driving cars follows rival Uber Technologies Inc.'s decision to shed its autonomous-driving division in December. The money-losing companies overhauled their businesses during the coronavirus pandemic and pledged to scale back on costly ventures as the health crisis crushed their core rides operations.