Magna partners with rideshare company Lyft

Autoparts manufacturer Magna International says it has struck a mult-year collaboration with rideshare company Lyft to jointly fund develo

The Canadian auto-parts supplier said late on Wednesday it would invest $200 million in Lyft and work with the firm to co-develop self-driving cars.

The collaboration calls for the two companies to jointly fund, develop and manufacture self-driving systems.

Waymo, the self-driving vehicle unit of Google parent Alphabet, past year made an agreement with Lyft to test self-driving auto technology. The establishment of this partnership is subject to regulatory approval.

Experts state that the partnership between Magna and Lyft will democratize the autonomous vehicle technology by helping automobiles to operate on Lyft's ridesharing network without using its proprietary system. While Magna will have an exclusive agreement to outfit Lyft's fleet with autonomous driving equipment, Lyft still plans to grant other autonomous vehicle companies access to its ride-sharing platform. Swamy Kotagiri, a chief technology officer for Magna International, has conveyed that this unique association is a blend of vast industry experience and a new mobility prototype for offering self-driving systems.

More recently, Lyft has struck a number of high-profile partnerships and opened its own self-driving vehicle research center, called Level 5 in Palo Alto, California.

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No final decisions about retaliation have yet been made, according to a White House spokeswoman. During the meeting, which hasn't been previously been reported , U.S.

The companies say they will share jointly created intellectual property and use data from Lyft's eight billion kilometres travelled per year on its network to improve the systems.

Teaming up with other technology companies and traditional automakers is critical to Lyft, whose business model, along with that of larger rival Uber, is compromised by needing to pay human drivers.

Overall, ridesharing makes up just 0.5% of all miles traveled, and Lyft's goal is to move that to more than 80%, Green said.

For Lyft, Magna represents an opportunity to build, test, and scale self-driving technology-and sell that tech to a lot of vehicle manufacturers.

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