2017.05.1423:47:00UTC+00Lyft Teams Up with Waymo for Self-Driving Car Tech Development

Alphabet Inc.'s Waymo has announced it has inked a collaboration agreement with ride-sharing firm Lyft Inc. to work together to bring driverless vehicle tech into the mainstream, according to a report by the New York Times.

Waymo, who is currently in a legal standoff versus its rival Uber over allegations of its autonomous driving tech, announced the alliance with Lyft on Sunday. In a statement, the Alphabet-subsidiary said that the firm is looking forward to working with Lyft to develop new self-driving products that will improve road safety and transportation.

Discussions on collaboration between Waymo and Lyft started summer 2016 in talks between Waymo's CEO and Lyft's founders and top executives, according to NYT. The alliance between the two firms reveal that many firms are looking to gain a foothold of the self-driving vehicles market, which majority believes will eventually be a multi-billion dollar industry. The joint team will develop pilot projects and product development initiatives, the newspaper reported.

No timetable for timeline for specific milestones in the development of the tech was given by either company. Lyft is also in a tie-up with General Motors Co. developing autonomous technology.