Lyft is selling its self-driving unit to Toyota for $550 million

Lyft is offloading Level 5, its internal autonomous vehicle development team. The company announced on Monday it plans to sell the division to Toyota for $550 million. In turn, the Japanese automaker will integrate the team into its Woven Planet subsidiary. Toyota will pay Lyft $200 million upfront for the division, and another $350 million over five yealrs to complete the transaction. The two companies say they expect the deal to close sometime in third quarter of this year.