Magna and Lyft Announce a Multi-Year Partnership to Develop and Manufacture Self-Driving Systems at Scale
March 14 2018 - 5:15PM
Magna, a mobility technology company and one of the world’s largest
automotive suppliers, and Lyft, North America’s fastest growing
rideshare company, today announced a multi-year collaboration in
which the companies will jointly fund, develop, and manufacture
self-driving systems. In addition, Magna will invest $200 million
in Lyft equity. The establishment of this partnership is subject to
regulatory approval.
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 March 15, 2018 at 8:00
a.m. EDT. The conference call will be chaired by Don Walker, Magna
Chief Executive Officer. The number to use for this call from North
America is (888) 225-2695. International callers should use (312)
281-1202. Please call in at least 10 minutes prior to the call
start time. Magna will also webcast the conference call at
www.magna.com. The slide presentation accompanying the conference
call will be available on the Magna website prior to the call.
TAGSLyft, partnership, autonomous vehicles, self-driving, ADAS,
ridesharing, mobility
MAGNA INVESTOR CONTACTLouis Tonelli, Vice-President, Investor
Relationslouis.tonelli@magna.com, 905.726.7035
MAGNA MEDIA CONTACTTracy Fuerst, Global Director of Corporate
Communications & PRtracy.fuerst@magna.com, 248.631.5396
ABOUT MAGNAWe 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 Toronto Stock Exchange
(MG) and the New York Stock Exchange (MGA). For further information
about Magna, visit www.magna.com.
LYFT MEDIA CONTACTpress@lyft.com
ABOUT LYFTLyft was founded in June 2012 by Logan Green and John
Zimmer to improve people's lives with the world's best
transportation. Lyft is the fastest growing rideshare company in
the U.S., is available to 95% of the U.S. population and recently
launched in Toronto and is soon to launch in Ottawa, Canada. Lyft
is preferred by drivers and passengers for its safe and friendly
experience, and its commitment to affecting positive change for the
future of our cities.
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