Lyft To Sell Autonomous-Driving Unit in $550-Million Toyota Deal
Lyft Inc. has agreed to sell its self-driving division to a subsidiary of Toyota Motor Corp., joining Uber Technologies Inc. in stepping back from the costly driverless vehicle research once thought to be on the verge of revolutionizing the ride-hailing industry. The deal is worth $550 million and will enable Lyft to turn an adjusted profit in the third quarter of this year, the company said Monday. Previously, Lyft was targeting profitability by the end of the year. The company estimates that selling the division will save it $100 million in operating expenses annually.