Toyota Just Bought Lyft's Self-Driving Company for $550 Million

Toyota says the acquisition will create a dream team of scientists, researchers, and engineers. Ridesharing giant Lyft has agreed to sell its self-driving research branch, aptly named "Level 5," to automotive giant Toyota. The two companies announced the news of the acquisition on Monday evening, stating that the deal would net Lyft a total of $550 million—$200 million up front and $350 million paid over a five-year period.