U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
CK Hutchison Unit Launches Arbitration Against Panama Over Port Concessions Ruling 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Oil Prices Slip as U.S.–Iran Talks Ease Supply Disruption Fears 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Oil Prices Slide on US-Iran Talks, Dollar Strength and Profit-Taking Pressure 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Fed Governor Lisa Cook Warns Inflation Risks Remain as Rates Stay Steady 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Toyota just purchased Lyft’s self-driving division, Level 5, for its subsidiary, Woven Planet Holdings. The $550 million acquisition deal happened after the latter placed its autonomous driving unit up for sale in a move to avoid further losses and gain profits from the transaction instead.
The partners’ agreement in the acquisition deal
The deal will push Lyft and Woven Planet to work together on making big improvements on autonomous driving technology safety. In any case, the agreement also includes a multi-year non-exclusive commercial contract between the companies to hasten the development and, as mentioned before, develop safety for automated driving machinery.
“Today’s announcement launches Lyft into the next phase of an incredible journey to bring our mission to life,” Logan Green, Lyft’s CEO and co-founder, said in a press release. “Lyft has spent nine years building a transportation network that is uniquely capable of scaling AVs. This partnership between Woven Planet and Lyft represents a major step forward for autonomous vehicle technology.”
Woven Planet is one of Toyota’s subsidiaries that work on autonomous technology, and it was revealed that it would be paying Lyft an upfront fee of $200 million, and the remaining $350 million will be settled in cash for the period of five years.
The advantage of the acquisition
With the merger of their firms, Woven Planet and Lyft are looking forward to the creation of an excellent team of researchers and engineers that they employ. The two have a combined number of 1,200 experts around the world, and they can work together to create unmatched technologies.
Moreover, CNN Business reported that the deal would also allow Toyota’s subsidiary that is based in Tokyo, to expand overseas and hold offices in London and the famed tech hub Silicon Valley. As for Lyft that needed funds to recover from losses due to the COVID-19 pandemic, the monetary gains from the acquisition are more than enough to help it get back on track.
“This acquisition assembles a dream team of world-class engineers and scientists to deliver safe mobility technology for the world,” Woven Planet’s CEO, James Kuffner, explained. “I am absolutely thrilled to welcome Level 5’s world-class engineers and experts into our company, which will greatly strengthen our efforts.”
