Press Release - Magna and Lyft Announce a Multi-Year Partnership to Develop and Manufacture Self-Driving Systems at Scale
Please click HERE for a PDF version of the release.
- Magna and Lyft will fund and develop self-driving systems
- Co-developed self-driving systems can be deployed on the Lyft network as well as for the entire automotive industry
- The partnership will benefit from data generated by the 5+ billion miles traveled per year on the Lyft network
- In addition to funding the partnership, Magna to invest
$200 million in Lyft
SAN FRANCISCO,
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This partnership is an industry-first and positions Magna and Lyft to enable the development and manufacturing of self-driving systems at scale. In addition to self-driving vehicles that will be deployed on Lyft's own ridesharing network in the coming years, Magna has the ability to deploy the technologies across a wide-range of use cases to benefit the entire global mobility ecosystem.
"There is a new mobility landscape emerging and partnerships like this put us at the forefront of this change," said Swamy Kotagiri, Magna Chief Technology Officer. "Lyft's leadership in ridesharing and Magna's automotive expertise makes this strategic partnership ideal to effect a positive change as a new transportation ecosystem unfolds."
"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."
Partnership details include:
- Lyft will lead the co-development of the self-driving system at its Palo Alto-based self-driving engineering center
- Magna will lead manufacturing and join Lyft's development team onsite, contributing their vehicle systems knowledge, safety and ADAS expertise, and manufacturing capabilities
- Lyft and Magna will share jointly created IP and utilize Lyft data to improve systems
- Lyft will utilize Magna's vast automotive experience for its fleet's self-driving systems
- This scalable technology is expected to be market-ready over the next few years and can be deployed across the industry through Magna
Magna will hold a conference call for interested analysts and shareholders to discuss this announcement on
TAGS
Lyft, partnership, autonomous vehicles, self-driving, ADAS, ridesharing, mobility
MAGNA INVESTOR CONTACT
Louis Tonelli, Vice-President, Investor Relations
louis.tonelli@magna.com, 905.726.7035
MAGNA MEDIA CONTACT
Tracy Fuerst, Global Director of
tracy.fuerst@magna.com, 248.631.5396
ABOUT MAGNA
We have more than 168,000 entrepreneurial-minded employees dedicated to delivering mobility solutions. We are a mobility technology company and one of the world's largest automotive suppliers with 335 manufacturing operations and 96 product development, engineering and sales centres in 28 countries. Our competitive capabilities include body exteriors and structures, power and vision technologies, seating systems and complete vehicle solutions. Our common shares trade on the
LYFT MEDIA CONTACT
press@lyft.com
ABOUT LYFT
Lyft was founded in
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