Lyft, Inc. LYFT shares are trading higher after the company announced it is collaborating with Argo AI and Ford Motor Company F to launch self-driving vehicles on the Lyft network by the end of 2021.
The companies are aiming to deploy at least 1,000 autonomous vehicles on the Lyft network, across multiple markets over the next five years.
"This collaboration marks the first time all the pieces of the autonomous vehicle puzzle have come together this way," Lyft co-founder and CEO Logan Green said. "Each company brings the scale, knowledge and capability in their area of expertise that is necessary to make autonomous ride-hailing a business reality."
Lyft operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company operates multimodal transportation networks that offer riders personalized and on-demand access to various mobility operations.
At the time of publication, Lyft shares were trading higher at $55.92 per share. The stock has a 52-week low of $21.34 and a 52-week high of $68.28.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
