Who knew making self-driving cars would be so hard?On Wednesday, Lyft — the US’s second-largest labour arbitrage business — announced it was selling its autonomous taxi unit for 0m to Toyota’s Woven Planet division. The news follows Uber’s cashing out of its robotaxi division in December, that time to Aurora — a company that both Toyota and VW have sizeable equity stakes in.Lyft will be paid the first 0m upfront for the division, with the rest of the balance to be settled over the next five years.So what’s the rationale here? Well, on the ensuing conference call, it seemed a mixture of cost and increasing competition were the focus. Here’s chief financial officer Bryan Roberts on the call (transcript via Sentieo):In terms of the financial impact of the transaction,
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Who knew making self-driving cars would be so hard?
On Wednesday, Lyft...