Ford Motor Company (NYSE: F) and its autonomous vehicle tech platform partner Argo AI announced today its collaboration to launch self-driving vehicles on the Lyft (Nasdaq: LYFT) network. This industry collaboration is aiming to launch autonomous vehicles by the end of 2021.
As part of their network access agreement, Ford self-driving vehicles will be deployed on the Lyft network where passengers can soon book an autonomous vehicle for their ride. The parties are currently working on the goal of deploying 1,000 autonomous vehicles on the Lyft network over the next five years.
“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 Ford Autonomous Vehicles & Mobility Businesses CEO Scott Griffith in a statement.
Through this partnership, the AV tech platform is set to use anonymized service and fleet data from Lyft to improve the autonomous vehicle infrastructure. On the other hand, the ride-hailing firm gets 2.5% of Argo’s common equity.
The deployment of autonomous vehicles on the Lyft network is expected to begin in Miami later this year and in Austin in 2022.
Ford Motor Company last traded US$13.91 on the NYSE.
Information for this briefing was found via Ford. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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