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Lyft’s new pacts are the mobility industry’s latest autonomy initiatives
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Lyft’s new pacts are the mobility industry’s latest autonomy initiatives

Key takeaways

  • Lyft announced a trio of new partnerships with autonomous vehicle manufacturers on Wednesday.
  • The deals with Mobileye, May Mobility and Nexar follow Uber’s similar deals with Waymo and Cruise, as well as the recent unveiling of Tesla’s “robotaxi.”
  • The ride-hailing company also released its latest financial results after the closing bell.

Lyft (LYFT) joined its rival Uber (UBER) by signing several partnerships with autonomous driving software publishers to integrate “robotaxis” on its platform.

Lyft announced partnerships on Wednesday — with software maker Mobileye (MBLY), alongside May Mobility and Nexar – with the company announcing plans to “continue to collaborate with other industry leaders to shape the future of mobility”. These agreements mark the latest moves by technology companies to establish themselves in the field of autonomous driving.

Lyft and May Mobility will bring a fleet of Toyota Sienna minivans using May’s self-driving technology to Atlanta next year. Lyft said it would bring vehicles equipped with Mobileye’s self-driving software to the Lyft network, while the partnership with Nexar would combine Lyft’s data with Nexar’s driving video footage to “jointly contribute to a more comprehensive data set.” comprehensive for autonomous research and development”.

Tesla (TSLA) revealed last month its own autonomous taxi, still years before being operational on the roads. Uber recently announced a number of partnerships with Audiovisual creators love Alphabet (GOOGLE) Waymo and General Motors (General manager) Cruise.

Analysts said Uber and Lyft are likely beneficiaries of audiovisual companies are looking to partner to develop their market rather than building their own carpooling network to compete with Teslabut also warned that development and regulatory approval of the software would delay the market for several years.

These announcements came before Lyft reported its third-quarter results after the closing bell on Wednesday. The company reported revenue of $1.5 billion, higher than expectations tracked by Visible Alpha, and a smaller-than-expected net loss.