Lyft Shares Up 5% After Agreement With Argo AI and Ford
July 21 2021 - 3:02PM
Dow Jones News
By Michael Dabaie
Lyft Inc. shares were up 5% to $55.80 in afternoon trading after
unveiling a collaboration for Argo AI and Ford Motor Co. to launch
self-driving vehicles on Lyft's network by the end of 2021.
Autonomous vehicle technology platform company Argo AI and Ford
plan to deploy Ford self-driving cars, with safety drivers, on the
Lyft network, with passenger rides beginning in Miami later this
year and in Austin starting in 2022.
Lyft will receive 2.5% of the common equity of Argo AI as part
of the licensing and data access agreements.
The companies said the initial phase will lay the groundwork for
scaling operations, and they aim to deploy at least 1,000
autonomous vehicles on the Lyft network across multiple markets
over the next five years.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 21, 2021 14:52 ET (18:52 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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