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Magna International to invest $200M in Lyft

Automotive supplier Magna International Inc. will invest $200 million in ride-share company Lyft Inc.

Magna will also fund, develop and manufacture self-driving systems with Lyft. The multiyear partnership, which enables the development of self-driving systems at scale, is subject to regulatory approval.

"Lyft's leadership in ride-sharing and Magna's automotive expertise makes this strategic partnership ideal to effect a positive change as a new transportation ecosystem unfolds," said Swamy Kotagiri, Magna's chief technology officer.