Home / Technology and Science / Auto parts maker Magna invests $200 million in Lyft

Auto parts maker Magna invests $200 million in Lyft

(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.

FILE PHOTO – An illuminated signal seems in a Lyft ride-hailing automobile in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren

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

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