Magna and Lyft announce self-driving partnership
Mobility technology company and automotive supplier, Magna, and rideshare company, Lyft, announced a multiyear collaboration in which the companies will jointly fund, develop, and manufacture self-driving systems. In addition, Magna will invest $200 million in Lyft equity. The establishment of the partnership is subject to regulatory approval.
The partnership positions Magna and Lyft to enable the development and manufacturing of self-driving systems at scale. In addition to self-driving vehicles that will be deployed on Lyft's own ridesharing network, Magna has the ability to deploy the technologies across a range of use cases.
"There is a new mobility landscape emerging, and partnerships like this put us at the forefront of this change," said Swamy Kotagiri, Magna Chief Technology Officer. "Lyft's leadership in ridesharing and Magna's automotive expertise makes this strategic partnership ideal to effect a positive change as a new transportation ecosystem unfolds."
"Together with Magna, we will accelerate the introduction of self-driving vehicles by sharing our technology with automotive OEMs worldwide," said Lyft CEO Logan Green. "This is an entirely new approach that will democratize access to this transformative technology."
Within the partnership, Lyft will lead the co-development of the self-driving system at its Palo Alto-based self-driving engineering center. Magna will lead manufacturing and join Lyft's development team onsite, contributing their vehicle systems knowledge, safety and ADAS expertise, and manufacturing capabilities. The companies will share jointly created intellectual property and use Lyft data to improve systems. In addition, Lyft will use Magna's automotive experience to enhance its fleet’s self-driving systems.