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Autonomous Vehicles Uber/Lyft

Lyft Bags $200M in Financing, Possible Self-Driving Car Partner

Partnerships announced at this early stage of autonomous vehicle development are speculative and amorphous but they generate an incredible amount of headlines and surface-level articles. Add this one between Lyft and Magna, a Canadian auto parts supplier, to the list. Lyft is getting $200 million from Magna, part of a previously announced equity financing round that’s now ballooned to $1.7 billion and being led by Alphabet. It puts a roughly $11.7 billion private valuation on the company. Beyond that, the hope for Lyft is someday Magna might get automakers to make cars with Lyft’s yet-to-be-developed autonomous software and Magna’s hardware. Lyft’s R&D team is far behind the rest of the field so it’s not worth tracking this partnership yet.

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