Lyft Will Sell Self-Driving Car Unit To a Subsidiary of Toyota For $550 Million (cnbc.com) 8
Lyft will sell its self-driving car unit to Woven Planet, a subsidiary of Toyota, for $550 million in cash, the companies announced Monday. CNBC reports: As part of the deal, Lyft and Woven Planet will work together on enhancing automated driving technology safety, according to a release. "Not only will this transaction allow Lyft to focus on advancing our leading Autonomous platform and transportation network, this partnership will help pull in our profitability timeline," Lyft Co-Founder and President John Zimmer said in a statement.
The company expects the deal will remove $100 million of annualized non-GAAP operating expenses on a net basis, according to the release. Because of that, Zimmer added that if the deal closes when expected in the third quarter and recovery from the pandemic continues, Lyft expects to become profitable on an adjusted EBITDA basis in Q3.
The company expects the deal will remove $100 million of annualized non-GAAP operating expenses on a net basis, according to the release. Because of that, Zimmer added that if the deal closes when expected in the third quarter and recovery from the pandemic continues, Lyft expects to become profitable on an adjusted EBITDA basis in Q3.
Only $550 million? (Score:4, Insightful)
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IRC (Score:2)
Slack works,
Yeah. and IRC just worked as well several decade earlier.
Slack just manager to slap a web interface on top of it, instead of an open protocol.
(And rename "IRC bots" into "Apps" because nowadays you got to have apps to be cool).
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Under-achiever. (Score:5, Insightful)
Lyft just seemed to have too many problems. Better to let someone else solve all the issues and take the risks, then they can buy vehicles from them.
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If all the issues are solved what do they have left to provide as a middleman, a better cleaning service?