Lyft is teaming up with automotive industry giant Magna to develop self-driving cars — and getting a $200 million investment (MGA, GM, GOOGL)

Lyft on Wednesday announced a partnership with automotive components supplier Magna to develop self-driving car technology. As part of the deal, Magna is investing $200 million in Lyft. Magna is just one of several companies with which Lyft is working on autonomous vehicles.

Lyft has a big new partner in its effort to developer self-driving cars — Magna, one of the automotive industry’s top-tier component manufacturers.

The companies announced Wednesday they are working together

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