California voters shot down a plan to make electric vehicles more affordable for some residents, dealing a blow to Lyft and the EV industry alike. Proposition 30 would have taxed residents making more than $2 million a year to subsidize electric cars and public charging stations as well as funded wildfire prevention programs. Even with […]
Californians seem to be voting against a proposal on the midterm election ballot that would tax the wealthiest Californians to help pay for electric vehicle tax incentives and EV charging infrastructure in the state. With about 53% of the state’s votes counted, Proposition 30 was losing 57.3% to 42.7%, according to California’s Secretary of State. California […]
Ride-hailing company Lyft lost $135.7 million in the third quarter due to the shutdown of autonomous vehicle company Argo AI, in which Lyft had a small stake. Late last month, Argo AI closed its doors as its main backers, Ford and Volkswagen, pulled their investments in order to focus on more near-term goals like advanced […]
Lyft said Thursday it is laying off 13% of its workforce as it tries to reduce operating expenses, according to a securities filing. The ride-hailing company described the cuts as proactive step to ensure it “is set up to accelerate execution and deliver strong business results in Q4 of 2022 and in 2023.” Lyft also […]
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Human drivers on the Lyft platform aren’t going to be replaced by autonomous vehicles anytime soon, company co-founder and president John Zimmer told the audience today at ZebethMedia Disrupt. “I can’t imagine anytime in the next decade-plus where we would need any less drivers,” he said. While Zimmer envisions autonomous vehicles handling some percentage of […]
Lyft is increasing the service fees its riders in the U.S. pay for each ride. The rise in cost, which will go directly to Lyft, aims to cover the higher costs of insurance, reports Reuters. Lyft’s service fees pay for overhead costs like driver insurance and security background checks. The company expected a rise in insurance […]
The stock prices of Uber, Lyft and DoorDash slid on Tuesday after the Department of Labor announced proposed changes to how workers should be classified. The prospective guidance is intended to “combat employee misclassification,” the federal agency said. Investors swiftly drove Uber’s share price down by more than 10% to $24.61, while Lyft’s tanked more […]
