Toyota acquires Lyft's self-driving unit for $550 million

TOKYO  - Toyota Motor Corp. has acquired the self-driving division of American ride-hailing company Lyft for $550 million, in a move that highlights the Japanese automaker’s ambitions in that technology.

The acquisition, announced Tuesday, was carried out by Woven Planet Holdings, a Toyota subsidiary that began business in January and focuses on innovations and investment in projects such as "smart cities,” robotics and automated driving. Of the payment, $200 million will be paid upfront, and $350 million over a five-year period, according to Toyota.