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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.

2 mins ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."

UN warns of "catastrophic" climate change failure without more emissions cuts

UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.