Toyota subsidiary Woven Planet has announced that it’s acquiring Lyft’s autonomous vehicle division for $550 million.

The division, known as Level 5, has established itself among the leaders in the development of autonomous driving technologies.

Logan Green, Co-Founder and CEO of Lyft, said:

“Today’s announcement launches Lyft into the next phase of an incredible journey to bring our mission to life. Lyft has spent nine years building a transportation...