Lyft gives up on developing its own self-driving tech, sells division

Like Uber, ride-hailing platform Lyft has sold its self-driving division. It’s a massive u-turn for the company considering that just last year, it said it was planning to launch its  first robotaxi fleet in 2023. Let’s take a closer look at what’s happened. The deal On Tuesday this week, Lyft announced an acquisition agreement with Toyota’s Woven Planet Holdings (WPH). The deal sees WPH buy Lyft’s self-driving division, called Level 5, for $550 million in cash. As TechCrunch reports, Lyft will receive $200 million upfront, with the remaining $350 million paid in installments over the next five years. Most of…

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