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TOKYO, July 20, 2021 - (JCN Newswire) - Woven Planet Holdings, Inc. ("Woven Planet"), a subsidiary of Toyota Motor Corporation, announced the closing of the acquisition of Level 5, the self-driving division of Lyft, Inc. ("Lyft"), a proposed transaction previously announced in April 2021. This marks the first acquisition for Woven Planet, a group that is focused on mobility innovations and investments in automated driving, robotics, smart cities, and more.
With the acquisition in place, Woven Planet will be provided with technology, talent, and an international footprint that will accelerate its efforts. Woven Planet will immediately oversee Level 5's offices and operations in Silicon Valley and London. In addition, Woven Planet welcomes Level 5's team of over 300 high-caliber engineers, research scientists, and mobility specialists. It will also be acquiring the Lyft division's significant sensing, computing, and software assets, and Level 5's strategic capabilities in automated driving systems.
The deal closure follows the Committee on Foreign Investment in the United States (CFIUS) review of the deal and determination that there are no unresolved national security concerns with respect to the transaction.
Comment from James Kuffner, CEO, Woven Planet
"As the first major acquisition for the Woven Planet Group, Level 5 represents a significant investment in our future. This deal strengthens our capabilities to deliver on the promise of freedom and mobility for all, uniting the resources, talent and technology needed to place us at the forefront of the mobility revolution. World-class skills and expertise from Level 5 will be combined with exceptional engineering know-how from Woven Planet and research insights from the team at Toyota Research Institute to form an industry brain trust. We are excited to bring this acquisition over the finish line, building a 'dream team' within the automotive and mobility industry."
About Woven Planet Group
Woven Planet Group represents a carefully curated blend of expertise and resources dedicated to bringing the vision of "Mobility to Love, Safety to Live" to life. Through innovations and investments in automated driving, robotics, smart cities, and more, we are transforming how humankind lives, works, and moves. We exist to design, build, and deliver secure, connected, and sustainable mobility solutions that benefit all people worldwide. Founded in 2018 as Toyota Research Institute - Advanced Development (TRI-AD), Woven Planet is composed of four complementary companies: Woven Planet Holdings, Woven Core, Woven Alpha, and Woven Capital.
For more information, please visit: https://www.woven-planet.global/
About Lyft
Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft is at the forefront of this massive societal change. Lyft's transportation network brings together rideshare, bikes, scooters, car rentals and transit all in one app. Lyft is singularly driven by our mission: to improve people's lives with the world's best transportation.
Contact:
Woven Planet Holdings, Inc.
pr@woven-planet.global
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
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From the Asia Corporate News Network
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