Lyft and Magna will jointly own intellectual property developed through the new venture and Magna will be Lyft's exclusive supplier of self-driving auto kits, Magna Chief Technology Officer Swamy Kotagiri said.
The deal, which includes Magna investing $200 million into Lyft, will see the two companies collaborating and jointly funding, developing and manufacturing self-driving vehicle tech that can scale up. In addition, Magna will fund $200 million into Lyft on top of the money that's needed for the project.
Magna International Inc. and Lyft will share the intellectual property from co-developing autonomous vehicles, and Magna will be free to sell the technology to auto companies.
"This industry is at an early stage; it's like when the first smartphone appeared on the market", said Raj Kapoor, Lyft's chief strategy officer.
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This brings OPEC's view closer to that of the International Energy Agency , which expects a less rosy 2018 supply/demand balance. Hamm has called EIA projections "just flat wrong" and warned that such high projections are distorting global oil prices .
Teaming up with other technology companies and traditional automakers is critical to Lyft, whose business model, along with that of larger rival Uber, is compromised by needing to pay human drivers. "Autonomous software and hardware is important, but it should be in everybody's hands, and what we have to be great at is being a great network".
Lyft and Magna are partnering up to develop self-driving vehicle technologies.
Lyft's deal with Magna isn't expected to scuttle those partnerships.
"We're co-founding and co-developing a self-driving system together", said Lyft co-founder Logan Green.
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IHeartMedia , which is based in San Antonio, operates 858 broadcast radio stations in more than 150 markets around the U.S. The two cases are unique, but both companies face similar challenges in a troubled industry.
"There is a new mobility landscape emerging and partnerships like this put us at the forefront of this change", said Swamy Kotagiri, Magna Chief Technology Officer (CTO).
Lyft has opened its ride-hailing network to other companies working on self-driving cars, including Ford and General Motors, a major Lyft investor, so they can gain real-world experience by picking up passengers and collecting data.
Lyft will lead the co-development of the self-driving system at its Palo Alto, California-based self-driving engineering center.
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Cousins , 29, did not sign a long-term deal with the Redskins and twice played under the franchise-player tag in Washington . CHIEFS: Kansas City will add wide receiver Sammy Watkins and middle linebacker Anthony Hitchens, filling two glaring needs.