Lyft is forging full-force ahead with its self-driving car technology.
The ride-hailing company announced a major partnership on Wednesday with Magna, which is the largest auto parts suppliers in North America. Under this collaboration, both companies will co-fund, jointly develop and manufacture autonomous vehicle systems at scale. As part of the partnership, Magna is investing $200 million in Lyft equity.
"Together with Magna, we will accelerate the introduction of self-driving vehicles by sharing our technology with automotive OEMs worldwide," Lyft CEO Logan Green said in a statement. "This is an entirely new approach that will democratize access to this transformative technology."
Lyft is a bit late to the self-driving game. Its rival Uber has been working on its own autonomous vehicles for more than two years and has its own testing facility in Pittsburgh. Other technology and auto industry giants, like Google, Apple, Tesla, Ford, Honda and BMW, have also launched driverless car projects of their own.
But Lyft seems determined to catch up. It's partnered with several companies working on self-driving car tech, such as Nutonomy, Ford, General Motors, Drive.ai and Waymo (Google's self-driving spin-off). It's also opened its own hardware and software engineering facility in Silicon Valley dedicated to autonomous vehicle development, called Level 5.
Fusing ride-hailing with self-driving cars is something Lyft, Uber and Waymo are all working on. The companies say this could lead to a future where fewer people own cars and instead just catch rides -- meaning less traffic and congestion. It would also mean cutting out the biggest cost of ride-hailing: drivers.
For its partnership with Magna, Lyft will take the lead on development and Magna will focus on manufacturing. But both companies will have team members working side-by-side at Level 5 on hardware, software, safety and design for manufacturing.
"There is a new mobility landscape emerging and partnerships like this put us at the forefront of this change," said Swamy Kotagiri, Magna's chief technology officer.
This is a developing story...
CNET Magazine: Check out a sampling of the stories you'll find in CNET's newsstand edition.
The Smartest Stuff: Innovators are thinking up new ways to make you -- and the world around you -- smarter.