Lyft, Inc. (NASDAQ:LYFT) shares rise after announcing new autonomous vehicle partnerships to offer future autonomous vehicle rides through the Lyft app.
Lyft and Mobileye Global Inc. (NASDAQ:MBLY) have announced a strategic alliance aimed at accelerating the commercialization of autonomous vehicle (AV) services. Mobileye, a provider of self-driving technology and advanced driver assistance systems (ADAS), will deliver its AV technology to manufacturers of AV-ready vehicles, which will then be made available to fleet operators and transportation service providers.
"Mobileye's full-stack technology is an important part of getting autonomous fleets Lyft-ready," said David Risher, CEO at Lyft.
The partnership intends to leverage Lyft's extensive network of 40 million annual riders to create a seamless demand platform for Mobileye Drive-equipped AV fleets.
The collaboration will allow future AV fleet operators to purchase Lyft-ready vehicles from manufacturers and utilize Lyft's platform to optimize fleet utilization and profitability in major North American cities.
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Additionally, Mobileye's new cloud-based AV demand technology, combined with Lyft's AV Partner APIs, will connect AV fleets with riders, enabling faster and broader availability of autonomous rides for Lyft users.
According to Benzinga Pro, LYFT stock has gained over 35% in the past year. Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF (NYSE:RVER) and Amplify ETF Trust Amplify Travel Tech ETF (NYSE:AWAY).
In a separate release, Lyft announced a partnership with Nexar, leveraging Nexar's vast cutting-edge video telematics to create data-driven solutions that accelerate the deployment of AV technologies.
This partnership combines Nexar's vast video data, including 45 petabytes of footage from 200 million miles driven monthly, with Lyft's anonymized marketplace data.
"This partnership is part of our work to make Lyft's network the best way to commercialize AVs at scale, and empowers us to use our rideshare expertise to push the entire industry forward," said Jeremy Bird, EVP at Lyft.
Price Action: LYFT shares are trading higher by 2.79% to $14.19 at last check Wednesday.
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