Jaguar Land Rover invests $25 Million to develop self-driving cars

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$25 million, Jaguar Land Rover, InMotion Ventures, Lyft Inc, self-driving cars
$25 million, Jaguar Land Rover, InMotion Ventures, Lyft Inc, self-driving cars
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In a bid to enhance self driving technology, Britain’s biggest carmaker Jaguar Land Rover said its mobility services business, InMotion Ventures, would invest $25 million in US ride services company Lyft Inc to help develop and test technology for self-driving cars.

The auto industry and technology companies are racing to develop self-driving technology, which in the years to come is expected to transform transportation by cutting costs of ride services and changing the way people buy and use cars.

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InMotion will also supply Lyft with a fleet of Jaguar and Land Rover vehicles, the automaker said on Monday.

InMotion’s investment follows its recent seed investment in SPLT, the Detroit-based digital carpool business, which works with Lyft to provide non-emergency medical transport.

(With agencies inputs)