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Photo: Lyft

Magna, a Canadian automotive part supplier, is investing $200 million into Lyft for an equity stake, the companies said on Wednesday. They'll also work on self-driving car tech together, which will include integrating the technology into vehicles Magna helps manufacture.

Why it matters: Lyft is in the self-driving car race, along with rival Uber and a growing number of automakers and tech companies. In 2016, it took a $500 million investment from General Motors, also as part of a partnership to work on autonomous driving, and last year unveiled a Silicon Valley R&D office.

Details: "Magna and Lyft are co-funding and co-developing a self-driving system together," Lyft CEO Logan Green said during a press event. The partnership will include hardware, software, safety testing, and designs for manufacturing.

  • The two will work from Lyft's new Palo Alto, Calif. facility where it's been developing autonomous tech.
  • Magna will take the lead on manufacturing and will outfit cars from customer automakers with autonomous driving technology.

Partnership strategy: This is in line with Lyft's self-driving car strategy, which has emphasized working with many partners instead of a select few or doing everything in-house.

  • "From Lyft’s perspective, we don't want just one or two companies out there to have access to our technology," said Green.

Fun fact: Last year, iPod co-creator and Nest co-founder Tony Fadell joined Magna's tech advisory council.

Lyft declined to comment on the impact of its relationship with Magna on its partnership with General motors. It also declined to specify when its self-driving cars will be on the road.

Go deeper

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden and Vice President-elect Kamala Harris sat down with CNN on Thursday for their first joint interview since the election.

The big picture: In the hour-long segment, the twosome laid out plans for responding to the pandemic, jump-starting the economy and managing the transition of power, among other priorities.

The quick FCC fix that would get more students online

Illustration: Sarah Grillo/Axios

As the pandemic forces students out of school, broadband deployment programs aren't going to move fast enough to help families in immediate need of better internet access. But Democrats at the Federal Communications Commission say the incoming Biden administration could put a dent in that digital divide with one fast policy change.

State of play: An existing FCC program known as E-rate provides up to $4 billion for broadband at schools, but Republican FCC chairman Ajit Pai has resisted modifying the program during the pandemic to provide help connecting students at home.

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47 mins ago - Politics & Policy

America's hidden depression

Biden introduces his pick for Treasury secretary, Janet Yellen, on Dec. 1. Photo: Alex Wong/Getty Images

President-elect Biden faces a fragile recovery that could easily fall apart, as the economy remains in worse shape than most people think.

Why it matters: There is a recovery happening. But it's helping some people immensely and others not at all. And it's that second part that poses a massive risk to the Biden-Harris administration's chance of success.