Lyft, auto parts maker Magna partner on autonomous vehicles

DETROIT (AP) — Ride-hailing company Lyft is joining with a big Canadian auto parts supplier to develop self-driving vehicles.

Lyft and Magna International will share expenses on a multi-year project that could vault them onto the leader board in autonomous vehicle technology.

The companies announced the partnership Wednesday and also said that Magna would invest $200 million in Lyft.

Raj Kapoor, Lyft's chief strategy officer, says Lyft needs auto industry expertise to manufacture autonomous vehicle components and eventually build the vehicles.

Magna knows how to build electric components and has developed expertise in radar and laser sensor technology. The company also builds cars for Mercedes, BMW and Jaguar in Austria. It employs 168,000 people worldwide.

Lyft offers software and its ride-hailing network.