Magna partners with rideshare company Lyft

Magna partners with rideshare company Lyft

As it works to get its own self-driving cars up and running, Lyft has snagged yet another partnership to develop the technology. In addition to helping fund the partnership, Magna has made a $200 million equity investment in Lyft, extending the ride-hailing company's most recent financing round to $1.7 billion.

Raj Kapoor, Lyft's chief strategy officer, says Lyft needs auto industry expertise to manufacture autonomous vehicle components and eventually build the vehicles.

Waymo, the self-driving auto unit of Google parent Alphabet, previous year made an agreement with Lyft to test self-driving vehicle technology. It has agreements with Alphabet Inc.'s self-driving vehicle unit Waymo and with Ford Motor Co. Au contraire - the ride-sharing company is putting pedal to the metal with a new partnership. Reports claim that Lyft will design autonomous drive software, while Magna engineers are expected to handle the production & automobile integration of technology. For Magna, they're one of the most influential automotive suppliers in the business, and this track with Lyft will help the development of self-driving platforms it can sell to other vehicle makers.

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When self-driving cars will actually arrive is an open question. Autonomous vehicles aren't yet ready to replace human drivers, and parcel delivery may go driverless long before taxis. They are also of the opinion that Lyft is concentrating immensely on the future of the self-driving technology.

Lyft will lead the co-development of the self-driving system at its Palo Alto, California-based self-driving engineering center.

Logan said that the resulting self-driving vehicle technology will also be available, presumably for purchase, by other auto companies who might not have their own self-driving tech team. Magna will locate some of its employees in those offices.

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