Gadgets News

Lyft sells its operations to Toyota for $ 550 million


Lyft is lowering Level 5, its independent automotive production team. The company announced Monday plans to sell a share to Toyota for $ 550 million. Similarly, a Japanese manufacturer has integrated the band into its Woven Planet company. Toyota paid Lyft $ 200 million ahead of the session, with $ 350 million over five eyelashes to complete the sale. The two companies are said to expect the project to be completed sometime in the third quarter of this year.

And Lyft is not shy about its Level 5 sales reasons. As long as the agreement is passed, the company expects its R&D costs to drop slightly because, an important part when the company strives to be profitable. “Assuming that the project is closed in the meantime and that COVID’s recovery continues, we are confident that we can reap the benefits of EBITDA in the third quarter of this year,” said John Zimmer, co-founder of Lyft.

With the announcement today, Lyft is follow Uber effectively abandoning the driving business to other companies. Lyft had been using the technology since 2017, and though it didn’t have the same high barriers like Uber, is under the same pressure to benefit soon.

One of the highlights of today’s announcement is that Toyota is working with Aurora, the company that acquired Uber’s Advanced Technologies Group last year, to build an independent taxi. By the end of 2021, it plans to start testing only vans to drive, with a launching eye on Uber and other travel networks over the next few years.

All sales selected by Engadget are selected by our publishing team, independent of our parent company. Some of our articles include helpful links. If you purchase one of these links, we will be able to make a donation.


Source link

Related Articles

Leave a Reply

Back to top button