Magna to Invest $200 Million in Lyft

— Magna, one of the world’s largest automotive suppliers and based in Canada, is investing $200 million in ridesharing company Lyft, The companies also announced a multi-year collaboration to fund, develop, and manufacture self-driving systems.

In addition to self-driving vehicles that will be deployed on Lyft’s own ridesharing network in the coming years, Magna has the ability to deploy the technologies across a wide-range of use cases to benefit the entire car industry.

“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.”

Partnership details include:

  • 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
  • Lyft and Magna will share jointly created IP and utilize Lyft data to improve systems
  • Lyft will utilize Magna’s vast automotive experience for its fleet’s self-driving systems
  • This scalable technology is expected to be market-ready over the next few years and can be deployed across the industry through Magna

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