Skip to main content

Ride-hailing service Lyft announced on Friday that it is opening an autonomous driving plant in Palo Alto, Calif. and forming its own self-driving unit.

Until this most recent announcement, Lyft had depended on partnerships with various self-driving initiatives with Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Waymo and GM (GM) - Get General Motors Company Report to advance its efforts into self-driving cars.

Friday's move is Lyft's first significant step into autonomous cars, and the first time it will develop its own technology. The Uber-rival plans on having "several hundred" working on self-driving technology at its Palo Alto facility.

Scroll to Continue

TheStreet Recommends

"Lyft is also uniquely positioned to build technology in collaboration with partners in a way that will make it possible to roll out self-driving cars at scale in the fastest, safest, most efficient way," said Luc Vincent, Lyft's VP of engineering.

Alphabet is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

More of What's Trending on TheStreet: