Toyota Subsidiary Acquires Lyft’s Autonomous Vehicle Development Project

From the company’s press release:

Lyft, Inc. announced today that the company has signed an agreement with Woven Planet Holdings, Inc., (“Woven Planet”), a subsidiary of Toyota Motor Corporation, for the acquisition of Lyft’s self-driving vehicle division, Level 5. The transaction also includes multi-year non-exclusive commercial agreements between Lyft and Woven Planet to accelerate the development and enhance the safety of automated driving technology.

That makes two. Like Uber, Lyft said in its S-1 initial public offering document that autonomous vehicles were a key long-term bet for business sustainability. Neither Uber nor Lyft have turned a profit, though both companies believe they are on the verge of doing so, and the pipe dream of fully autonomous vehicles appears to have been a massive distraction and money sink.