Woven Planet to acquire Lyft’s Level 5 autonomous tech division
Woven Planet Holdings, a subsidiary of Toyota Motor Corporation, has announced the acquisition of Level 5, the self-driving division of Lyft, one of the largest ride-hailing companies in the world.
The arrangement will see approximately 1,200 world-class scientists, software engineers and mobility experts brought together from Level 5, Woven Planet, and Toyota Research Institute.
In addition to the acquisition, Woven Planet and Lyft have signed commercial agreements for the utilization of Lyft’s system and fleet data. Through this deal, the companies hope to accelerate the safety and commercialization of Woven Planet’s automated driving technology.
Lyft will receive approximately US$550 million (AU$710,000) in cash, with US$200 million (AU$260,000) paid upfront (subject to certain closing adjustments), and US$350 million (AU$450,000) repaid over a five-year period.
“Both Woven Planet and Level 5 are focused on improving mobility through technology, bringing about a future that benefits people around the world. With this deal in place, I am very excited that the Level 5 team will be better positioned than ever to deliver on its long-term mission to bring autonomous vehicles to market,” said Luc Vincent, Executive Vice President, Autonomous Technology, Lyft.
“As part of Woven Planet, we will be able to leverage exceptional automotive engineering expertise as well as the considerable resources of an iconic business, while continuing to move with the energy and speed of a start-up. It is exhilarating to be part of this new venture, expanding our mission and building the foundational technology that will support mobility and the smart cities of tomorrow.”
28 April 2021