By Michael Dabaie
Lyft Inc. shares were up 5% to $55.80 in afternoon trading after unveiling a collaboration for Argo AI and Ford Motor Co. to launch self-driving vehicles on Lyft's network by the end of 2021.
Autonomous vehicle technology platform company Argo AI and Ford plan to deploy Ford self-driving cars, with safety drivers, on the Lyft network, with passenger rides beginning in Miami later this year and in Austin starting in 2022.
Lyft will receive 2.5% of the common equity of Argo AI as part of the licensing and data access agreements.
The companies said the initial phase will lay the groundwork for scaling operations, and they aim to deploy at least 1,000 autonomous vehicles on the Lyft network across multiple markets over the next five years.
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(END) Dow Jones Newswires