Automotive supplier Magna and rideshare company Lyft have announced a multi-year collaboration to fund, develop, and manufacture self-driving systems.
The partnership, which is subject to regulatory approval, will also see Magna invest $200 million in Lyft equity.
The companies said that the partnership would enable them to develop and manufacture self-driving systems at scale.
As well as self-driving vehicles that can be deployed on Lyft’s own ridesharing network, Magna will be able to deploy the technologies used to benefit the entire automotive industry.
“Together with Magna, we will accelerate the introduction of self-driving vehicles by sharing our technology with automotive OEMs worldwide,” said Lyft CEO Logan Green. “This is an entirely new approach that will democratize access to this transformative technology.”
“There is a new mobility landscape emerging and partnerships like this put us at the forefront of this change,” said Magna Chief Technology Officer Swamy Kotagiri.