Logan said that the resulting self-driving vehicle technology will also be available, presumably for purchase, by other auto companies who might not have their own self-driving tech team. Lyft will be leading the development, while Magna will be in charge of manufacturing as well as contributing its knowledge in vehicle systems, safety and driver assistance.
The company says that as part of the partnership, it will also invest US$200 million in Lyft equity, subject to regulatory approval.
The deal, which includes Magna investing $200 million into Lyft, will see the two companies collaborating and jointly funding, developing and manufacturing self-driving auto tech that can scale up. Swamy Kotagiri, a chief technology officer for Magna International, has conveyed that this unique association is a blend of vast industry experience and a new mobility prototype for offering self-driving systems. While Magna will have an exclusive agreement to outfit Lyft's fleet with autonomous driving equipment, Lyft still plans to grant other autonomous vehicle companies access to its ride-sharing platform. Lyft CEO Logan Green has announced that Magna's automotive engineering and R&D knowhow will help the firm build robust self-driving automotive systems.
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The two companies will share jointly created intellectual property and utilize Lyft data to improve systems.
Magna will take the lead in manufacturing the Lyft vehicle's self-driving system.
"As we work with Lyft, hopefully that brings for us an opportunity to potentially do more with Lyft as well as others in this area", Magna Chief Financial Officer Vince Galifi told analysts on a conference call on Thursday. 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.