The partnership with Magna will involve jointly funding, developing and making autonomous driving systems that the Canadian company could build into components it sells to auto makers.
But Magna said the partnership with Lyft would be essential to helping it push further into autonomous vehicles, combining its automotive and manufacturing experience with Lyft's ride network to better understand the many situations that a self-driving auto will encounter.
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The companies announced the partnership Wednesday and also said that Magna would invest $200 million in Lyft.
Both the firms are expected to carry out hardware & software development and safety testing.
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"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.
More recently, Lyft has struck a number of high-profile partnerships and opened its own self-driving vehicle research center, called Level 5 in Palo Alto, California. It will look after outfitting vehicles from a variety of brands to enable them to operate on the Lyft network. Along with that of larger rival Uber, is compromised by needing to pay human drivers. Apple is among companies with permits to test self-driving cars in California. Earlier in January this year, the ride-sharing firm carried out a test program in Las Vegas with self-driving BMW sedans by using self-driving technology of Aptiv, a United Kingdom based automotive parts tech firm.
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In 2016, Lyft and General Motors said they would team up in order for GM to test its self-driving tech-equipped Chevy Bolt electric cars in Lyft's network. For this, the company has chose to partner with Magna. However Lyft executives said they don't see any issues with these overlapping partnerships. "It's what the consumer wants".
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