- Ford Motor Company F, Lyft Inc LYFT, and Argo AI have entered into a partnership to commercialize autonomous ride-hailing at scale.
- Lyft will receive 2.5% of the common equity of Argo AI as part of the licensing and data access agreements.
- The collaboration brings together the self-driving technology, vehicle fleet, and transportation network needed to support a scalable business.
- Argo AI and Ford will deploy Ford self-driving cars, with safety drivers, on the Lyft network. Passenger rides are expected to begin in Miami later in 2021 and Austin starting in 2022.
- The parties aim to deploy at least 1,000 autonomous vehicles on the Lyft network across multiple markets over the next five years.
- As part of the agreement, Argo will use anonymized service and fleet data from Lyft to overcome the challenges faced by other autonomous vehicle companies.
- "Argo and Ford are currently piloting, mapping and preparing for commercial operations of autonomous vehicles in more cities than any other AV collaboration, and this new agreement is a crucial step toward full commercial operations – the addition of Lyft's world-class transportation network," said Scott Griffith, CEO, Ford Autonomous Vehicles & Mobility Businesses.
- Price action: F shares are trading higher by 2.45% at $14.26, while LYFT is trading up 4.12% at $55.19 on the last check Wednesday.
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