Auto components maker Magna invests $200 million in Lyft

(Reuters) – Canadian automotive components provider Magna Worldwide Inc stated on Wednesday it should make investments $200 million in Lyft Inc and work with the U.S. ride-hailing agency to fabricate self-driving automobiles.

FILE PHOTO – An illuminated signal seems in a Lyft ride-hailing automotive in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren

The information comes three months after San Francisco-based Lyft made its worldwide debut in Toronto, taking up a lot larger rival Uber Applied sciences Inc, which has been working in Canada for over 5 years.

A number of corporations together with Uber, Tesla Inc, Alphabet Inc, BlackBerry and conventional automakers similar to Basic Motors have all been investing closely in self-driving automobiles and know-how.

U.S.-listed shares of Magna rose 1.three % in after-hours buying and selling on Wednesday.

Reporting by Ahmed Farhatha in Bengaluru; Enhancing by Sai Sachin Ravikumar

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