Auto Parts Maker Magna Invests $200 Million in Lyft
Canadian automotive parts supplier Magna International Inc said on Wednesday it will invest $200 million in Lyft Inc and work with the U.S. ride-hailing firm to manufacture self-driving cars.
The news comes three months after San Francisco-based Lyft made its international debut in Toronto, taking on much bigger rival Uber Technologies Inc, which has been operating in Canada for over five years.
Several companies including Uber, Tesla Inc, Alphabet Inc, BlackBerry and traditional automakers such as General Motors have all been investing heavily in self-driving cars and technology.
U.S.-listed shares of Magna rose 1.3 percent in after-hours trading on Wednesday.
This story, by Ahmed Farhatha and Sai Sachin Ravikumar, first appeared on kfgo.com
Photo Credit: REUTERS/Chris Helgr