Ride-sharing giant Lyft sells autonomous tech division to Toyota for $710 million

Lyft – a US ride-sharing company in fierce competition with Uber – has sold its large autonomous vehicle development program to Toyota. The Japanese manufacturer’s research division Woven Planet Holdings reportedly paid US$550 million (AU$710,000) for the program, with an initial US$200 million (AU$250,000) investment preceding a further US$350 million (AU$450,000) over the next five years.