Tokyo, Japan, (April 27, 2021)―Woven Planet Holdings, Inc. (“Woven Planet”), a subsidiary of Toyota Motor Corporation, has agreed to acquire Level 5, the self-driving division of Lyft, Inc. one of the largest ride-hailing companies in the world. This marks the first major deal for the newly established Woven Planet.
The deal will bring together world-class scientists and software engineers from Level 5, Woven Planet, and researchers from Toyota Research Institute, Inc. (“TRI”) already working together with Woven Planet. The resulting combined “dream team” of approximately 1,200 will represent one of the most diverse, well-resourced and talented groups in this field.
Today’s announcement places Woven Planet at the center of the connected and automated driving movement by providing
In addition to the acquisition of Level 5, Woven Planet and Lyft have signed commercial agreements for utilization of the Lyft system and fleet data to accelerate the safety and commercialization of the automated-driving technology that Woven Planet will develop.
Lyft will receive approximately $550 million in cash, with $200 million paid upfront subject to certain closing adjustments and $350 million of payments over a five-year period.
As a result of this transaction, Woven Planet will accelerate revolutionizing the world of mobility and realize its mission of “Mobility to Love, Safety to Live,” fueling a broader vision of human happiness and well-being on the planet Earth.