Lyft Hits Major Milestone, Completes 1 Billion Trips
【Summary】While that’s a good marker for Lyft, the ride-hailing company still lags behind Uber, its main rival, which surpassed 10 billion trips earlier this July.
When it comes to choosing a ride-hailing company to get you around in a hitch, there are two major players to choose from: Uber and Lyft. Both have become popular alternatives to owning a car, basically making taxis pointless, and users continually check both to compare prices, as loyalty with one of the companies is nearly nonexistent, which makes giving out rides a competitive duel. In some good news for Lyft, the ride-hailing company managed to reach a major milestone.
1 Billion Trips In Six Years
After roughly six years, Lyft has completed a total of 1 billion trips. Sure, Uber may have completed a lot more trips, as the company stated that it surpassed 10 billion trips globally earlier this July, but both companies took the same amount of time to reach the same mark. Unlike Uber, Lyft only operates in the United States and Canada, so it's ability to reach 1 billion rides is slightly more impressive than Uber's. It's also important to point out that Uber's been in the ride-hailing industry longer, as the company came out in 2009, while Lyft was introduced in 2012.
As Tech Crunch points out, Lyft's milestone comes roughly a year after the company announced that it was completing roughly 1 million rides a day. And now that the company has reached 1 billion rides, Lyft is giving 3,500 drivers a free tank of gas. The winners will be selected at random from across the country.
Looking over Lyft's figures, 76 million rides saw users get dropped off to the airport, 153 million rides came between 11 PM and 2 AM, 47 percent of all of the company's rides took place during the winter season. Another interesting fact, is that 233 million Lyft rides were shared, revealing just how open users are to sharing a car with strangers to get around. The data, which you can see below, is crucial at painting a picture for Lyft's users and how they interact with the ride-hailing company.
"We are incredibly motivated knowing that each individual ride can make a difference in people's lives, and we appreciate the community of drivers and passengers who made this possible," John Zimmer, Lyft's co-founder and President, told CNBC in a statement.
Looking To Expand To More Modes Of Transportation
While Lyft may be celebrating a large milestone, the ride-hailing company, and its chief rival Uber, are both looking into ways to expand into new industries, including scooters and bicycles. More specifically, Tech Crunch states that Lyft acquired bike-sharing company Motivate and launched electric scooters in both Denver, Colo. and Santa Monica, Calif.
Unfortunately for Lyft, and Uber, The Information reports that the "once-hot ride-hailing business is cooling down." According to the outlet, revenue growth rates for both ride-hailing businesses showed signs of decline this summer. The Information believes that the slowdown affects Lyft more than Uber, as the company has a smaller piece of the market than Uber, which translates to smaller margins.
Whether Lyft has cause for celebration, remains to be seen, as the future looks like it will be filled with some tough times.
Vineeth Joel Patel
Joel Patel has been covering all aspects of the automotive industry for four years as an editor and freelance writer for various websites. When it comes to cars, he enjoys covering the merger between technology and cars. In his spare time, Joel likes to watch baseball, work on his car, and try new foods
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