Lyft sells self-driving unit to Toyota's Woven Planet for $550M – TechCrunch

Ride-hailing company Lyft has sold off its autonomous vehicle unit to Toyota's Woven Planet Holdings subsidiary for $550 million, the latest in a string of acquisitions spurred by the cost and lengthy timelines to commercialize autonomous vehicle technology. Under the acquisition agreement announced Tuesday, Lyft's so-called Level 5 division will be folded into Woven Planet Holdings. Lyft will receive $550 million in cash, with $200 million paid upfront. The remaining $350 million will be made in payments over five years. About 300 people from Lyft Level 5 will be integrated into Woven Planet.