Magna to supply Lyft with kits to make self-driving autos

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren/Files

MONTREAL: Magna International Inc on March 15 said it will supply Lyft Inc with high-tech kits to turn vehicles into self-driving cars, but will not manufacture autos for the ride-hailing service.

Magna shares were up 6.5% at C$73.48 (RM219.61) in midday trade in Toronto as executives described the auto supplier's role in a new autonomous venture with Lyft. The Canadian auto-parts supplier said late on March 14 it would invest US$200mil (RM781.74mil) in Lyft and work with the firm to co-develop self-driving cars.