Toyota creates “dream team” self-driving unit after buying Lyft’s Level 5 technology

Toyota’s rebranded Research Institute – Advanced Development, now living life as a fully fledged business under the name Woven Planet – has agreed to acquire Level 5, the self-driving division of ride-hailing company Lyft, in a deal said to be worth $US550 million ($A700 million).

Woven Planet’s acquisition of Level 5 brings to an end Lyft’s almost four-year effort to develop its own self-driving system, but serves also to bring together scientists, software engineers, and researchers from across Level 5, Woven Planet, and Toyota’s Research Institute.