Who knew making self-driving cars would be so hard?
On Tuesday, Lyft — the US’s second-largest labour arbitrage business — announced it was selling its autonomous taxi unit for $550m to Toyota’s Woven Planet division. The news follows Uber’s cashing out of its robotaxi division in December, that time to Aurora — a company that both Toyota and VW have sizeable equity stakes in.
Lyft will be paid the first $200m upfront for the division, with the rest of the balance to be settled over the next five years.
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