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Illustration: Eniola Odetunde/Axios

Toyota's Woven Planet subsidiary has acquired Lyft's autonomous driving unit, Level 5, for $550 million, the companies announced on Monday.

Why it matters: After ride-hailing companies poured a lot of money into, and made big deal out of their investments into autonomous driving, both Uber and Lyft have now sold off their self-driving car units.

  • It's also notable that Lyft is selling its unit to Toyota despite its initial close relationship with General Motors, which invested $500 million into the ride-hailing company along with a partnership to work on autonomous driving.
  • Since then, GM acquired self-driving startup Cruise, raising questions about its relationship with Lyft.

Background: Woven Planet is a subsidiary of Toyota that's developing a private testbed near Japan's Mount Fuji, where the company says it's building a prototype "city of the future."

Deal details: Of the $550 million in cash, Lyft will get $200 million upfront subject to certain closing adjustments, and $350 million over a five-year period.

  • The companies have also signed a partnership to use Lyft's system and fleet data as part of Woven Planet's development of autonomous driving tech.

The bottom line: A few years ago, companies including Lyft made bold predictions about the rapid arrival of autonomous driving—but it's clear that getting there is much harder, and some companies are now cutting their losses and focusing on their core competencies.

Go deeper: The rise of AV testbed cities

Go deeper

Robinhood's IPO came amid a regulatory storm

Illustration: Shoshana Gordon/Axios

Robinhood, best known for its popular no-fee stock trading app, went public last Thursday while facing an unusually large legal and regulatory storm.

Why it matters: While some challenges will likely resolve, others could seriously maim the company, forcing it to right its business ship under the scrutiny and pressures of the public markets.

At least 3 dead after Amtrak train derails in Montana

Photo: Jacob Cordeiro/Twitter

An Amtrak train derailed near Joplin, Montana, resulting in at least three deaths and multiple injuries to passengers and crew on Saturday, per a company statement.

The big picture: 141 passengers and 16 crew members were estimated to be traveling on the westbound Empire Builder train from Chicago to Seattle and Portland when eight cars derailed about 4p.m., Amtrak said early Sunday.

Updated 3 hours ago - Politics & Policy

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court is set to hear a challenge Wednesday to a vaccine mandate planned for New York City school employees.

Why it matters The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system. But a judge on Friday temporarily blocked the measure, per AP.