Toyota's acquisition of Lyft's self-driving unit bolsters its automation ambitions

A Toyota Motor Corp. badge is displayed on the wheel hub of a vehicle inside the Toyota City Showcase exhibit at the company's Mega Web car theme park in Tokyo, Japan, on Friday, Feb. 3, 2017. Photographer: Kiyoshi Ota/Bloomberg

Toyota Motor Corp will acquire Lyft Inc’s self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division.

The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm’s more than 300 employees of the essentially complete autonomy technology.

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