(Reuters) – Canadian car parts provider Magna International Inc mentioned on Wednesday it is going to make investments $200 million in Lyft Inc and paintings with the U.S. ride-hailing company to fabricate self-driving vehicles.
The information comes 3 months after San Francisco-based Lyft made its global debut in Toronto, taking over a lot larger rival Uber Technologies Inc, which has been working in Canada for over 5 years.
Several firms together with Uber, Tesla Inc, Alphabet Inc, BlackBerry and conventional automakers equivalent to General Motors have all been making an investment closely in self-driving vehicles and era.
U.S.-listed stocks of Magna rose 1.three p.c in after-hours buying and selling on Wednesday.
Reporting via Ahmed Farhatha in Bengaluru; Editing via Sai Sachin Ravikumar