Cutting

Lyft Sells Self-Driving Project, Cutting a Big Expense

Credit…Mike Blake/Reuters

Lyft will sell its unit devoted to developing autonomous vehicles to Woven Planet, a Toyota subsidiary, the companies announced on Monday. Woven Planet will pay $200 million in cash for Level 5, Lyft’s self-driving car initiative, and will follow up with additional payments of $350 million over five years.

Lyft is among several tech companies that have stepped back from developing autonomous vehicles over the last year as the technology has proved difficult to master and the pandemic

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