Lyft stated on Thursday that it’s launching a car rental service, which will allow customers to rent a vehicle without needing them to go to the counter. Shares of Hertz and Avis dropped following the news. “With Lyft Rentals, we’re giving riders the flexibility to rent a car for weekend getaways, business trips, or even to run errands,” Lyft […]
Lyft
Rakuten sees $947 million loss from Lyft investment in recent quarter
Japan’s Rakuten Inc stated on Tuesday it expects to take a 103 billion yen ($947 million) loss in the recent quarter on its investment in U.S. ride-hailing company Lyft Inc. The e-retailer, whose billionaire founder and Chief Executive Hiroshi Mikitani has a seat on Lyft’s board, recorded the charge as Lyft shares had dropped remarkably […]
Drivers of Uber, Lyft protest ahead of public offering
Some drivers for ride-hailing giants Uber and Lyft shut down their apps Wednesday to protest what they refers as declining wages at a time when both companies are raking in billions from investors. Demonstrations occurred in 10 U.S. cities, including Chicago, Los Angeles, New York, San Francisco and Washington, along with some European places like […]
Lyft elevates General Motors first-quarter profit
General Motors on Tuesday reported a higher-than-expected quarterly profit, raised by revaluations of shares it owns in ride-hailing company Lyft Inc and France’s Peugeot SA. Excluding the advantages of those revaluations, GM provided outcomes in line with analyst predictions, driven mainly by highly lucrative pickup truck sales in the U.S. market. The earnings came after […]
Rakuten to book $990 million profit from Lyft IPO
Japanese company Rakuten on Monday stated it will post a 110 billion yen ($990 million) profit in its first-quarter revenues from an increase in the value of its stake in Lyft, after the U.S. ride-hailing company went public on Friday. Rakuten spent $700 million in Lyft since 2015 and owned a 13% stake prior to […]
General Motors considers options for its Lyft stake following IPO
As Lyft Inc cruises toward an initial public offering in March, one of the big winners is going to be General Motors, whose stake in the ride-hailing firm could cost as much as $1.27 billion. GM is not discussing about its plans for that investment, and investors surveyed by Reuters, owning a collective 35.7 million […]
Volkswagen to write off investment in Gett
German automaker Volkswagen is going to write off its investment in Gett after the Israel-based ride hailing app failed to achieve ground on bigger competitors Uber, Lyft and Didi, weekly Der Spiegel reported on Friday. Volkswagen spent $300 million in Gett in 2016, saying it intended for on-demand mobility services such as smartphone ride hailing […]
General Motors got no projects underway with Lyft, says CEO Barra
General Motors CEO Mary Barra stated on Tuesday the No. 1 U.S. automaker at present has no projects underway with ride-sharing company Lyft, where it is holding 9 percent stake. Competing automaker Ford Motor stated last year it will work with Lyft to deploy large amount of Ford self-driving vehicles on Lyft’s network by 2021. […]
Ford, Lyft to work together to deploy self-driving cars
Ford Motor stated on Wednesday it will work together with Lyft to deploy Ford self-driving vehicles on the ride-services company’s network in huge numbers by 2021. Ford and Lyft will start their collaboration for developing software to allow Ford automobiles to interact with Lyft’s smartphone apps. Ford self-driving test vehicles will be linked to Lyft’s […]
GM finishes production of 130 more self-driving Chevy Bolts onto US streets
General Motors stated it has finished production of 130 self-driving Chevrolet Bolt electric vehicles at its Orion assembly plant located in Michigan. The automaker anticipates to deploy the cars within the month in San Francisco and Scottsdale, Arizona, in collaboration with its ride-sharing affiliate Lyft Inc, following final test in Michigan, according to the company. […]
Ford providing short-term consumer car leases through Canvas
Silicon Valley’s newest mobility start-up, a short-term auto leasing company named Canvas, is backed by old-school muscle: Ford Motor Credit Co, the dealership and customer funding arm of U.S. car manufacturer Ford Motor. From its San Francisco base, Canvas began using variable-term leases with versatile payment options to Bay area consumers in early May, with […]
BMW aims to become ‘coolest’ ride-hailing company with autonomous car
BMW will test self-driving automobiles in Munich next year as it looks to stay up to date with ride-hailing companies like Uber, which have invested billions on pay-per-use personal transport. The German automaker will have around 40 automobiles with self-driving functions in Munich’s inner city then broaden the project to other cities, BMW executives stated […]
Google, automakers are opposed to California rules for self-driving cars
Alphabet Inc’s Google unit and car manufacturers objected on Wednesday to California proposals to set new, compulsory rules for screening self-driving vehicles in the state, which market officials said could hobble their efforts in the home of much of self-driving automobile testing and advancement. Car manufacturers and Google raised a list of concerns about California’s […]
Drive.ai To Turn Car Into A Driverless Car
More than ever, vehicle makers and transport are discovering ways to integrate automatic driving into their product offerings. Tech business like Google, Uber, Lyft as well as automobile companies like Tesla, Toyota and Hyundai can all clearly see exactly what pushes the road ahead. Now one more business goes into the fray: Drive.ai. Drive.ai, doesn’t […]
Uber lost $1.3 billion during first half of 2016
Silicon Valley’s a highly valuable startup is struggling to make a profit. Uber lost $1.3 billion in the very first half of the year, as per a Bloomberg report citing unnamed sources privy to a conference call with investors of the privately held ride-hailing service. Uber has raised $16 billion for its quick expansion to […]
