Ford Motor (F) - Get Ford Motor Company Report and its majority-owned autonomous driving unit, Argo AI, on Wednesday unveiled a partnership with ride-hailing company Lyft (LYFT) - Get Lyft Inc Class A Report to provide autonomous-car rides on the Lyft platform.
The Dearborn, Mich., carmaker's stock at last check rose 1.2% to $14.08. Ford shares rose 28% in the six months through Tuesday, thanks to a rebound in performance.
The San Francisco ride-hailing company recently traded at $53, little changed. It gained 8% in the six months through Tuesday but has slid 10% in the past month.
In the partnership, “Argo AI and Ford will deploy Ford self-driving cars, with safety drivers, on the Lyft network, as part of a network access agreement,” the companies said. Passenger rides will begin in Miami later this year and in Austin starting in 2022.
“As vehicles are deployed, Lyft users within the defined service areas will be able to select a Ford self-driving vehicle to hail a ride.”
Further, “This initial deployment phase will lay the groundwork for scaling operations,” the companies said.
“The parties are now working to finalize agreements aiming to deploy at least 1,000 autonomous vehicles on the Lyft network … over the next five years.”
Earlier this month, Ford said it sold more than 306,700 vehicles in China in the first half of 2021, up 24% year-over-year. And TheStreet.com Founder Jim Cramer called Ford his favorite auto stock.