AUSTIN/TOKYO -- Toyota will acquire Lyft's self-driving technology unit for $550 million, the companies said, as the Japanese automaker steps up its automation ambitions with its newly created Woven Planet division.
Woven Planet will take over the 300-plus employees of Lyft's so-called Level 5 division. The acquisition will provide Toyota access to the U.S. ride-hailing company's advanced autonomous driving technology.
Jody Kelman, Lyft’s director of product and program management for the self-driving platform, will stay at Lyft, joining its two dozen or so product managers and engineers in San Francisco focused on making the company’s platform accessible and ready to work with all self-driving cars.
The acquisition will give Toyota a direct presence in Silicon Valley and London and expand the Woven City smart-city project at the base of Japan's Mount Fuji, effectively helping it ride through dramatic changes expected in the mobility industry and major …