Lyft to claim a third of the US ride-hailing market by the end of the year

By Pouyan Broukhim

According to a private Lyft investor document obtained by Bloomberg, Lyft is expected to have raised its share of the US ride-hailing market by over 61% this year, something that would result in the firm claiming about a third of the total market.

Lyft has been able to gain significant ground on its key rival Uber with the company coming increasingly under fire. Most recently, Uber confirmed that it concealed a hack that affected 57mn customers and drivers during a 2016 data breach, with the company’s former CEO Travis Kalanick having known about it.

See also:

Lyft was forecast to “escape the red” next year, according to the report obtained by Bloomberg. However, the company has increased its expenditure in an attempt to capitalise on the current climate, with Uber having substantially lost its grip on the market, meaning that Lyft won’t even break even by the end of next year.

As a result of these extra expenses, Lyft is expected to see net losses of approximately $600mn through 2017, with the company in talks over further investment in order to maintain this increased expenditure and strong growth.

Share

Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital