Today, we’re excited to announce a first-of-its-kind partnership with Magna, the largest North American Tier 1 automotive technology and manufacturing supplier, to jointly fund, develop, and manufacture our self-driving system. In addition to co-funding the partnership, Magna will also invest $200 million in Lyft.
This partnership enables our Level 5 team to accelerate the introduction of self-driving vehicles on Lyft’s platform, while also providing the technology to automotive companies worldwide.
Lyft and Magna will both fund and develop the self-driving system, with Lyft leading on development and Magna leading on manufacturing the system. Magna will join our Level 5 team in Palo Alto to contribute their vast automotive experience.
Together with Magna, we are working to democratize access to self-driving technology in our mission to improve people’s lives with the world’s best transportation.