LYFT - Lyft, Inc.

Catch goPuff if You Can – A Vertically Integrated Consumer Tech Company Delivering Instant Needs

By John Jannarone goPuff’s delivery volume rose 400% in the first half of 2020, according to sources goPuff now reaches 500 cities through over 200 distribution facilities Raised $1 billion from investors including Accel and SoftBank Vertical integration provides better customer experience and margins goPuff’s rapid expansion gives it head start and wide moat versus […]

Lyft's self-driving test vehicles are back on public roads in California

Lyft's self-driving vehicle division has restarted testing on public roads in California, several months after pausing operations amid the COVID-19 pandemic. Lyft’s Level 5 program said Tuesday some of its autonomous vehicles are back on the road in Palo Alto and at its closed test track. The company has not resumed a pilot program that provided rides to Lyft employees in Palo Alto.

Uber bus just around the corner on post-pandemic public transit map

Urban transportation's transformation has shifted up a gear as the coronavirus crisis turns travel habits on their head, with Uber making allies of public transit systems by now offering to sell them its software expertise. This means Marin County's Transportation Authority will next month allow passengers in the San Francisco Bay area to book a trip through the Uber app, but rather than someone's private car they will ride wheelchair-accessible public vans. From the streets of Utah's Salt Lake City to Missouri's St. Louis and New Jersey's Jersey City, more than 120 U.S. transit agencies have launched collaborations with ride-hail firms in the past two years, data analyzed by Reuters shows.

New York City legalizes electric bikes and scooters, will create e-scooter pilot program

The New York City Council on Thursday approved several bills that will legalize the private use of electric scooters and bicycles in the city's five boroughs, a change long-sought by food delivery workers and transportation advocates. The city will also create a shared electric scooter pilot program that will allow e-scooter companies to apply for permits to operate in the city, with the exception of Manhattan. The pilot program is scheduled to start by May 2021 and is expected to last no more than two years, according to the bill.

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  The UK is set to finally legalize electric scooter rentals from Saturday as it tries to avoid floods of people on public transport

  Business Insider
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  Veo Expands to Atlanta With Shared Stand-Up & Seated E-Scooters

  PR Newswire

Tension Builds Up for Uber Over California's Gig Worker Law

Uber (UBER) might be forced to pay for worker benefits and other protections, in case a preliminary injunction is ordered by a California state judge.

Uber-Lyft Fight With California on Driver Status Picks Up Steam

(Bloomberg) -- California is escalating its fight with Uber Technologies Inc. and Lyft Inc. over a new state law designed to give gig-economy workers employee benefits, including health care and overtime pay.Saying it’s time for the ride-hailing platforms to “play by the rules,” California Attorney General Xavier Becerra said Wednesday that state and local officials will seek a court order to immediately enforce Assembly Bill 5, which tightens standards on how employers classify workers. The move comes after California sued the two San Francisco-based companies in May for unlawfully misclassifying drivers as independent contractors.If California persuades a state judge to order a preliminary injunction, Lyft and Uber would be forced to pay for worker benefits and workplace protections while the legal dispute proceeds. Those added costs would be a significant setback to the companies while they are already reeling from revenue losses and layoffs amid the coronavirus pandemic.“It’s time for Uber and Lyft to own up to their responsibilities and the people who make them successful: their workers,” Becerra said in a statement. “Misclassifying your workers as ‘consultants’ or ‘independent contractors’ simply means you want your workers or taxpayers to foot the bill for obligations you have as an employer -- whether it’s paying a legal wage or overtime, providing sick leave, or providing unemployment insurance.”Read More: Uber, Lyft Sued by California in Major Gig-Economy CrackdownUber, Lyft and other companies such as DoorDash Inc. which use a labor model that similarly relies on independent contractors are to set to announce Thursday they will place a counter-measure on the state’s November election ballot to exempt drivers from the new California law.Most Uber drivers want to work independently and the company has changed its app to abide by California law, a company spokesman said. “When over 3 million Californians are without a job, our elected leaders should be focused on creating work, not trying to shut down an entire industry,” the spokesman said.Lyft said it will fight the state’s injunction request.“We believe the courts should let the voters decide,” company spokeswoman Julie Wood said. “Trying to force drivers to give up their independence 100 days before the election threatens to put a million more people out of work at the worst possible time. It would be incredibly harmful to millions of people and the California economy to grant this motion 100 days before the voters decide.”The state argued that misclassification of workers by Uber and Lyft burdens taxpayers because the lack of benefits makes drivers turn to government-funded income support programs. Becerra is backed in the legal fight by the city attorneys of Los Angeles, San Diego and San Francisco.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Lyft Benefits From Increase in Ride Volumes amid Pandemic

With relaxation on travel restrictions, Lyft (LYFT) is witnessing week-over- week improvement in ride volumes.

Rideshare Data Shows Early Signs of Softness, Evercore Says

(Bloomberg) -- The latest rideshare data shows the first sign of softness since April as coronavirus cases continue to grow in states where Lyft Inc. and Uber Technologies Inc. do business.Weekly average users contracted in the U.S. for the week ended June 21, according to Evercore analyst Benjamin Black, who characterized the early signs of softness as a “clear setback” to recovery hopes. Shares of Lyft and Uber fell about 2% in early trading, while car rental company Avis Budget Group declined 5%.“Fears of a second wave are clearly weighing on most travel stocks, and rideshare names are not immune,” Black said. “Though officials have so far ruled out a second lockdown, the rising caseload could still slow volume recovery.”Evercore’s app tracker shows that combined weekly average user data are now down 68% year-over-year, the analyst said, with Uber down 63% and Lyft down 74%. The discrepancy in their respective performance may have to do with exposure to hot-spot states. Arizona, California, Florida and Texas account for roughly 35% of total U.S. gross bookings, with those states making up 15% of Uber’s total rides compared to Lyft’s 45%.There’s hope yet. App downloads are still ticking up, which are now back to 60% of normalized levels in the U.S., Black said.Another positive specific to Uber: subscription software. Uber secured a new source of high-margin subscription revenue in a recent partnership with Marin County in the San Francisco Bay area. Uber app users there will see more ride options, including on-demand ride service specific to Marin and receive discounts for Uber rides to local transit hubs.The two-year, $80,000 contract is modest, Black said. However, if it leads to similar city partnerships, that may be a feather in the cap concerning new revenue streams for the company.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Lyft is using data from its rideshare drivers to develop self-driving cars

Lyft is using data collected from drivers on its ride-hailing app to accelerate the development of self-driving cars. Lyft's Level 5 self-driving car program is using the data to build 3D maps, understand human driving patterns and improve simulation tests — all tools needed to push their autonomous vehicle technology forward, according to a blog post on Tuesday. The program is taking data from select vehicles in its Express Drive program, which provides rental cars and SUVs to drivers on its platform as an alternative to options like long-term leasing.

Lyft settles DOJ lawsuit alleging violation of Americans with Disabilities Act

Lyft has agreed to settle a lawsuit from the U.S. Department of Justice that alleges the ridesharing company discriminated against disabled people -- specifically those who use foldable wheelchairs or walkers. One complainant, known as J.H. in the suit, alleged Lyft drivers denied giving him a ride on several occasions because of his collapsible wheelchair. As part of the settlement, Lyft has agreed to pay $42,000 to the four complainants and $40,000 to the U.S. Treasury.

Coronavirus crisis reveals which startups are 'houses of cards': Fast Company Editor-in-Chief

Some promising ventures may succumb to unfortunate circumstances, but the economic crisis also reveals which early-stage companies can draw on the effective leadership and sustainable business model necessary to weather a downturn, says Stephanie Mehta, the editor-in-chief of business publication Fast Company.

Oil Prices Climb Despite Fears Of A “Second Wave”

OPEC+ compliance sent oil prices to a 3-month high, despite fears that a second wave of COVID-19 would drive demand and prices down

Lyft (LYFT) to Transform to 100% Electric Vehicles by 2030

With a goal to reduce greenhouse gas emissions, Lyft (LYFT) plans to switch 100% of its fleet to electric in a decade's time.

Tech companies just found out about Juneteenth, and this is what they're doing

In light of the police killings of George Floyd, Breonna Taylor, Tony McDade and Rayshard Brooks, as well as the killing of Ahmaud Arbery, Juneteenth has quickly made its way onto the radar of tech companies. In the last couple of weeks, many tech companies have announced plans to make Juneteenth an official holiday for employees or recognize the day in some other way. Jack Dorsey, CEO of Square and Twitter, was the first major tech CEO to announce that Juneteenth would be a paid holiday for employees.

Software shares set new records as tech rallies

In another up for technology shares, software companies saw their values reach new heights today. The day's trading comes after a sell-off last week eased some of technology companies' rebounds from their COVID-19 lows; stocks in tech companies have more than made up for their early-year declines in mid-2020, with the Nasdaq reaching 10,000 points before giving up some ground. Today the Nasdaq Composite index rose 0.15% to 9,910.53 points, just a few bips short of its all-time highs.

Lyft to use only electric cars by 2030

Lyft has said it is committed to using only electric cars on its platform by 2030.

What does the future hold for the Lyft Inc share price?

The Lyft Inc (NSQ:LYFT) share price has risen by 28.6% over the past month and it’s currently trading at 36.71. For investors considering whether to buy, hold...

San Francisco DA sues DoorDash for classifying delivery workers as independent contractors

DoorDash is facing a lawsuit from San Francisco District Attorney Chesa Boudin for "illegally misclassifying employees as independent contractors," Boudin tweeted today. In the complaint, Boudin argues DoorDash misclassified its workers and in doing so, engages in unfair labor practices. "Misclassifying workers deprives them of the labor law safeguards to which they are entitled, denying workers minimum wage and overtime pay, unemployment insurance and protection from discrimination, among other things," Boudin said in a press release.

Uber Fails in Its Quest to Acquire Grubhub, Shares Drop

Uber's (UBER) Grubhub deal falls prey to antitrust scrutiny. The company loses the deal to Just Eat Takeaway.com.

Uber and Lyft Drivers in California Will Be Considered Employees

Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) were dealt a blow today after the California Public Utilities Commission (CPUC) officially ruled that drivers in the state will be classified as employees. The two ride-hailing companies have long fought calls to consider its gig workers employees because it would force them to offer more benefits and work protections, including overtime and healthcare. The CPUC delivered the ruling with little fanfare in an 18-page document this week, six months after the state made it harder for companies to consider gig workers contractors under its AB5 law.

Uber, Lyft drivers are employees, says California regulator

Shares in Uber and Lyft fell 5.3% and 4.2%, respectively, in early trading, with the new order striking at the heart of the "gig economy" business model of technology platforms like Uber and Lyft that rely on cheaper contract workers. The decision, by the California Public Utilities Commission (CPUC), which regulates ride-hailing companies across the state, comes six months after a state law took effect that makes it tougher for companies to classify workers as contractors rather than employees.

The IPO class of 2020

This year’s batch of IPO’s is receiving a warm welcome from the public markets. The recent rally in equities has encouraged companies looking to debut publicly, to strike the iron while it’s hot.