Latest in Tomorrow

Image credit:

Lyft’s autonomous vehicle partner Magna is done with self-driving tech

The auto parts maker plans to focus on assisted driving.
Kris Holt, @krisholt
January 16, 2020
401 Shares
Share
Tweet
Share

Sponsored Links

Andrei Stanescu via Getty Images

Two years after teaming up with Lyft to collaborate on self-driving technology, Magna said that partnership's coming to an end. The auto parts maker plans to focus on assisted driving products, instead of fully autonomous tech.

Magna isn't fully severing ties with Lyft, in which it invested $200 million in 2018, but the self-driving partnership seems to have been impacting its bottom line. They'll keep working together on other autonomy-related software and hardware. Lyft has also collaborated with Waymo on autonomous cars.

Ultimately, Magna doesn't think there's big enough potential in autonomous vehicles in the medium term. It sees more opportunities for growth in the assisted driving market (up to Level 3 autonomy) over the next five years.

CEO Don Walker told reporters that the industry is getting "more realistic" about how long it'll take before autonomous driving really takes off. As such, Magna plans to invest "where we're going to get a higher volume," CFO Vince Galifi said.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
401 Shares
Share
Tweet
Share

Popular on Engadget

Facebook staff plan 'virtual walkout' over response to Trump posts

Facebook staff plan 'virtual walkout' over response to Trump posts

View
T-Mobile offers 5G in all 50 states through a roaming deal

T-Mobile offers 5G in all 50 states through a roaming deal

View
Researchers say Oura rings can predict COVID-19 symptoms three days early

Researchers say Oura rings can predict COVID-19 symptoms three days early

View
The kitchen gear that's worth your money

The kitchen gear that's worth your money

View
HP's new gaming laptops include an Omen 15 redesign and 16-inch Pavilion

HP's new gaming laptops include an Omen 15 redesign and 16-inch Pavilion

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr