Lyft is partnering with Magna, one of the largest tier one automotive industry suppliers in the world, on autonomous vehicle technology. Lyft CEO and co-founder Logan Green explained that this will help them get their self-driving tech into various automaker vehicles around the world. Lyft will be working directly with Magna on “co-developing” an autonomous driving system, with collaborative teams from both companies working on the project.
Magna is also investing $200 million in Lyft in exchange for an equity stake
Green explained that the company’s goal has been to “improve how transportation works” from the very beginning, citing a childhood growing up in traffic, trying to figure out how to avoid traffic, as a motivating factor. He also noted that it’s “wildly expensive” for individuals to own and operate their vehicles.
All ride-sharing makes up just 0.5 percent of all miles travelled, and Lyft’s goal is to move that to over 80 percent, Green said. He cited examples like Netflix as showing what he wants to achieve in the transportation industry, in terms of moving from ownership to subscriptions.