Auto Parts Company Invests $200 Million in Lyft

The Canadian automotive parts supplier Magna International Inc has announced that it will invest $200 million in Lyft and work with the U.S. ride-sharing juggernaut to manufacture self-driving cars.

Magna is joining a $17 billion funding round that, according to some estimates, values the startup at $11.7 billion.

The timing is interesting: It comes three months after Lyft made its international debut in Toronto, where it is competing with Uber Technologies Inc, which has been in Canada for over five years.

And here’s what really cool: The companies apparently plan to manufacture kits that can be installed on regular cars to enable them to operate autonomously.

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