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Lyft Sells Self-Driving Business Unit to Toyota for $500 Million

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Lyft has been using the autonomous prototypes in the Las Vegas market.

Lyft Inc. sold its autonomous vehicle technology unit, Level 5, to Toyota Motor Co. for $550 million, following the lead of its rival, Uber Inc.

The company launched Level 5 in 2017 to build a self-driving system for its network of vehicles. The goal, ultimately, was to eliminate the need for drivers. The company grew to nearly 400 employees, but as Lyft continues to lose money overall, it needed to find ways to end its string of quarterly losses.

Not only will it get $550 million from Toyota, it will also stop funneling multiple millions of dollars into a development project with no finish line in sight for a payoff. Lyft gets $200 million immediately and the remaining $350 million will be paid in installments during the next five years.

Uber finalized a similar deal last fall, selling its autonomous vehicle unit called Advanced Technology Group to Aurora led by former Waymo chief Chris Urmson for $400 million.

Immediate financial relief

Lyft has provided 100,000 self-driving rides as part of its autonomous technology development.

The ride-hailing company said selling its Level 5 subsidiary puts it back on the path to profitability. First and foremost, it cuts $100 million of annualized non-GAAP operating expenses on a net basis, Co-founder and President John Zimmer noted in the announcement.

“Assuming the transaction closes within the expected timeframe and the COVID recovery continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Zimmer said in a statement.

The company isn’t getting out of the robotaxi business. It’s already partnered with Motional and Waymo to develop self-driving tech and now it will just rely on that partnership to move toward autonomous vehicles. Working with the pair, Lyft’s already provided more than 100,000 self-driving rides in its vehicles in the last three years.

However, Lyft can now focus on what it can do best with autonomous vehicles by offering services such as routing, consumer interface and managing, and maintaining and cleaning partners’ autonomous vehicle fleets, which could mean added revenue, it said.

Uber made a similar choice

Lyft’s deal is similar to Uber’s move last December to sell its Advanced Technology Group, or ATG, to Aurora, the autonomous vehicle technology company founded by Google and Waymo veteran Chris Urmson. The deal came in at $400 million.

Uber CEO Dara Khosrowshahi noted after the sale of its ATG unit the company’s path to profitability had been shortened.

AVs were a critical component of the path to profitability by Uber, which now relies on part-time drivers or gig workers to ferry passengers, using its celebrated phone app. Uber invested huge sums in its internal AV project; however, was crippled in 2018 when one of its test vehicles struck and killed a pedestrian in Tempe, Arizona. It never really recovered.

Uber also ended up with a 26% ownership interest in Aurora on a fully diluted basis, the company said in a filing.

Aurora and Uber agreed to collaborate to launch self-driving vehicles on its ride-hailing and food delivery network. Uber is also working on building out its freight logistics platform but is not operating its own trucks at present.

The completion of the deal caused Uber’s CEO Dara Khosrowshahi to utter a familiar refrain to Reuters: “This essentially advances our path to profitability.” He said the deal should put the company on track for profitability by the end of this year, largely due to the fact Uber would no longer be investing vast sums of cash into ATG.


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Automakers Suspend Operations, Change Equipment Due to Chip Shortage

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Ford is temporarily suspending production at its Kansas City assembly plant to deal with the shortage.

Automakers continue to search for ways to deal with the semiconductor chip shortage impacting the industry on a global scale.

Most companies cut back production and shift available chip inventory to high-profit vehicles like pickup trucks. Seemingly no automaker is immune to the problem, including pricey luxury and sports car makers. Mercedes-Benz, Porsche and others all recently announced moves to deal with the shortage.

This week is not different with Daimler, Stellantis and Subaru reporting today they are taking new measures to account for current run of chip shortages, both in the U.S. and in other facilities around the world.

New announcements

Ford plans to extend the shutdowns at plants that build its F-150, Ford Transit, Ford Explorer and Lincoln Aviator, Ford Edge/Lincoln Nautilus and Ford Mustang. The Kansas City Assembly Plant that builds its top-selling F-150 and Transit commercial van suspend operations for the weeks of May 3 and 10. It’s currently closed down.

GM is slowing production of its van at its Wentzville plant to deal with the chip shortage.

The Flat Rock, Michigan plant, which builds the Mustang, and Chicago plant that builds the Explorer and Aviator will also be down the first two weeks of next month. They’ve been down since the week of April 12, according to Automotive News.

The company plans to continue the reduced production of its Super Duty and medium-duty trucks at the Ohio Assembly Plant near Cleveland.

General Motors plans to move its Wentzville (Missouri) Assembly plant from three shifts to just two on a temporary basis starting the week of April 26. It’s cutting van production at the site. Production of its midsize pickups, the Chevy Colorado and GMC Canyon, are unaffected. The company just restarted operations at the facility last week after a two-week shutdown.

Other moves

In what may be the most novel approach to dealing with the issue thus far, Stellantis is using analog speedometers in some its Peugeot models instead of the digital ones they would normally come equipped with.

Mercedes C-Class line at Bremen 2021

Daimler is cutting hours for 18,500 workers at two plants in Germany as it waits for more chips.

The move affects only the Peugeot 308, Reuters reported, which are built in France. The brand sold about 98,000 of the 308 model last year. The 308 is being phased out this fall in favor of a new vehicle. The company may reduce the price as a result of the less advanced speedo.

Daimler plans to reduce hours for 18,500 employees and idle production at its Bremen and Rastatt plants in Germany. Bremen builds the C-Class as well as the GLC, GLC Coupe and the all-electric EQC. The Rastatt plant produces the A-Class hybrid as well as the A-Class sedan, B-Class and GLA compact SUV.

Japanese automaker Subaru Corp. revealed plans to temporarily suspend production at its plant in Lafayette, Indiana. The closure will be in place until the end of April, according to officials. It will affect about 15,000 vehicles for North America, officials noted. The company builds the Ascent, Outback, Legacy and Impreza at the site.


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Weather, Increased Demand Drive Gas Prices Higher

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Getting gas

American motorists are paying more at the pump these days as demand rises and supply drops.

When it comes to gas prices at the pump, what goes down will eventually come up.

Motorists are paying some of the highest gas prices seen in over a year, according to AAA and GasBuddy.com. With the forced shutdown of Gulf Coast and some Midwest refineries due to recent winter weather, gasoline stocks have tightened and gas prices have skyrocketed.

On the week, 66% of state averages spiked by double digits (10-22 cents), driving the national average up by 13 cents to $2.63. That is the most expensive national average since October 2019.

Prices are jumping by double-digit amounts

Gasbuddy.com reported the national average price rose for the seventh consecutive week and at its fastest pace since Hurricane Harvey, rising 10.4 cents per gallon compared with the previous week to $2.63 as of Feb. 22.

Gas was priced the highest in California, Hawaii and Washington with the price as high as $3.54 a gallon.

The website compiled the data from more than 11 million individual price reports covering more than 150,000 gas stations across the country. Additionally, GasBuddy determined that the national average price of diesel jumped 8.7 cents in the week prior to Feb. 22 and stood at $2.84 per gallon.

Federal statistics released on Feb. 22 show how gas prices stood around the country. The average price per gallon (ppg) in the U.S. as of Feb. 22 was $2.63, a 13-cent ppg increase from the previous week. Gas in the East Coast region was $2.60 a gallon, up from the prior week price of $2.47.

In New England, gas prices reached a ppg of $2.56, up from $2.47 in just a week, while West Coast ppg hit $3.15, up from $3.04. Rocky Mountain ppg jumped to $2.43, from $2.39. Gulf Coast prices were the lowest as of Feb. 22, with ppg of $2.34, up from $2.21 the week before.

Cold Hits Production Hard

“With last week’s (Feb. 15 – 21) extreme cold shutting down millions of barrels per day in refinery capacity, gas prices have seen their largest weekly climb in quite some time,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

Gas prices rising as lockdowns ease

Gas prices are expected to drop in the next week or so, according to GasBuddy.com.

“The jump in price was the result of a dozen or so refineries, primarily in Texas, that were forced to shut down as the frigid temperatures threatened to wreak havoc on their exposed equipment. With the cold weather behind us, price increases should begin to slow later this week or next week, and so long as these refineries get back online in short order, we may see gas prices start to move back down in the next couple of weeks.

De Haan quickly tempered any joy about drop reminding that spring is coming, which means prices will rise again as “refineries start to transition to summer gasoline, so motorists shouldn’t jump for joy just yet.”

Weather playing a role

“When close to 40% of U.S. crude production is offline because refineries are closed, there is going to be pain at the pump until operations resume,” said Jeanette Casselano McGee, AAA spokesperson.

“The good news is the nearly two dozen impacted refiners are expected to restart operations this week, if they haven’t already. That means regular gasoline deliveries will resume and impacted stations will be re-fueled.”

In the week prior Feb. 22 there were reported refinery outages in Texas, Louisiana, Oklahoma, Arkansas, Tennessee and Kansas. AAA reported that gas prices are likely to be volatile until crude production is back to normal levels. Motorists can expect these more expensive prices to stick around, but large spikes are likely to subside.

Midwest sees big increases

According to AAA, the nation’s top 10 largest weekly increases were as follow: Ohio, up 22 cents; Arizona, up 21 cents; Iowa, up 19 cents; Minnesota, up 18 cents; Georgia, up 18 cents; Michigan, up 17 cents; Wisconsin, up 16 cents; Nebraska, up 16 cents; Indiana, up 16 cents; and Maryland, up 15 cents.

The nation’s top 10 least expensive markets as of Feb. 22 were: Mississippi, $2.27; Louisiana, $2.31; Texas, $2.32; Arkansas, $2.35; Alabama, $2.35; Oklahoma, $2.36; Utah, $2.38; Missouri, $2.38 ppg; Tennessee, $2.40; and South Carolina, $2.42.

The most expensive were California at $3.54 a gallon followed by Hawaii ($3.35) and Washington ($2.98).

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