Woven Planet

Lyft had visions of building an autonomous car. What happened?

Lyft explains decision to sell self-driving car business

When Lyft (NASDAQ: LYFT) launched Level 5 in 2017, it had grand plans for the autonomous vehicle (AV) division.

“This is too strategic an area for us not to be a player,” Luc Vincent, the Google executive tapped to lead Lyft’s efforts, said at the time. “We want to take an active role.”

Lyft’s decision to start Level 5 came shortly after competitor Uber (NYSE: UBER) launched its own autonomous driving project. In December 2020, Uber sold that money-losing division to Amazon-backed Aurora. As part...

https://s29755.pcdn.co/news/lyft-had-visions-of-building-an-autonomous-car-what-happened

Lyft’s losses shrink as riders begin returning

Lyft (NASDAQ: LYFT) posted year-over-year declines in Q1 2021 revenues and riders, but an improving trend that started in the second half of last year is continuing.

The company reported revenues grew 7% quarter-over-quarter to $609 million versus $955.7 million in Q1 2020. Net loss was $427.3 million versus a $398.1 million loss in the same period of 2020. Q1 2021’s loss included $180.7 million in stock-based compensation and related payroll tax expenses and $128 million related to changes to...

https://s29755.pcdn.co/news/lyfts-losses-shrink-as-riders-begin-returning

Toyota subsidiary to acquire Lyft’s self-driving vehicle division

Woven Planet Holdings has agreed to acquire Level 5, the self-driving vehicle division of Lyft (NASDAQ: LYFT). Woven will pay $550 million in total cash for the division, founded in 2016 at Open Platform. The sale price includes $200 million in upfront cash and $350 million in additional cash payments over five years.

The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close in Q3 2021.

Woven Planet Holdings is a subsidiary of Toyota Motor Corp.

“T...

https://www.freightwaves.com/news/toyota-subsidiary-to-acquire-lyfts-self-driving-vehicle-division