Lyft follows Uber in selling autonomous driving unit

Lyft says the deal will save it $100 million a year and allow it to show a profit in Q3.

$200 million is being paid up-front with $350 million more to be paid over five years.

Toyota’s self-drive research unit is called Woven Planet and Lyft’s 300 engineers working on the technology in Palo Alto will become part of the Woven Planet unit taking its employee count up to 1,200.

The deal is non-exclusive so Lyft’s current partners will continue to be supported.

Last year Uber sold its autonomous driving unit to Aurora Innovation at a valuation of $4 billion.