Toyota Motor Corp. said Tuesday it had agreed with ride-hailing firm Lyft Inc. to acquire the U.S. firm's self-driving division for $550 million, aiming to accelerate its development of autonomous driving technologies.

The purchase via Woven Planet Holdings Inc., a Toyota unit engaging in software development, will equip the Japanese automaker with development bases in California and London in addition to Tokyo.

Woven Planet and Lyft also have agreed to use Lyft's system and fleet data to speed up commercialization of Woven Planet's automated-driving technology and improve its safety features.