Lyft

Mizuho: Little chance of federal gig worker regulation

While Uber (NYSE: UBER), Lyft (NASDAQ: LYFT), DoorDash (NYSE: DASH) and Grubhub (NYSE: GRUB) have significant exposure to potentially dramatic regulatory changes to the employment classification of the drivers critical to their operations, Mizuho Securities USA is not ready to issue a sell rating on the companies just yet.

In fact, the investment house, part of Japan-based Mizuho Securities, a wholly owned subsidiary of Mizuho Financial Group, believes there is upside to Uber and Dash and little...

https://www.freightwaves.com/news/mizuho-little-chance-of-federal-gig-worker-regulation

Uber nears deal with UK labor union

Uber nears deal with UK labor union

Uber (NYSE: UBER) is reportedly set to recognize the rights of drivers to unionize in the U.K., according to a report, in a similar arrangement to its deal with the Independent Drivers Guild (IDG) in the U.S.

Bloomberg reported the ride-hailing giant is set to recognize GMB, a 620,000-plus labor union that represents drivers, delivery workers and more in the U.K., allowing drivers using the platform to collectively bargain for rights.

GMB was one of the unions that supported the recent U.K....

https://www.freightwaves.com/news/uber-nears-deal-with-uk-labor-union

California to require electric vehicles for most Lyft, Uber drivers

The drive to electrify the nation’s rideshare and on-demand delivery companies took a step forward on Thursday when the California Air Resources Board (CARB) approved a vehicle electrification plan for transportation network companies (TNCs).

The board voted unanimously in favor of the mandate.

Under the Clean Miles Standard, 2% of all TNC trips must be in elective vehicles (EVs) in 2023 and that ramps up to 13% by 2025, 50% by 2027 and 90% by 2030. The rule requires TNCs to submit two-year plans...

https://www.freightwaves.com/news/california-to-require-electric-vehicles-for-most-lyft-uber-drivers

What if there are no gig drivers?

Rideshare companies looking for drivers

“I’m so over hour long waits in the city for Uber eats, because they say they can’t find a delivery driver. Ummm if your whole business model is based on delivery and your demand is exceeding supply, maybe pay your drivers more? Just a hunch.”

That tweet from @thisari88 on Saturday perfectly sums up the frustration that has been percolating through social media accounts in recent weeks as Uber (NYSE: UBER), Lyft (NASDAQ: LYFT), DoorDash (NYSE: DASH) and the rest of the app-based gig companies...

https://www.freightwaves.com/news/what-if-there-are-no-gig-drivers

Lyft, Uber execs strike balance in reaction to withdrawal of gig worker rule

Executives from Lyft (NYSE: LYFT) and Uber (NYSE: UBER) were under the microscope this week during their Q1 analyst earnings calls, and while they struck diplomatic tones around the regulatory environment surrounding gig workers, other stakeholders did not hold back.

“The decision by the Department of Labor to rescind the final independent contractor rule is disappointing as it disregards the will of individual workers, who greatly value the flexibility inherent in independent work,” said the...

https://s29755.pcdn.co/news/lyft-uber-execs-strike-balance-in-reaction-to-withdrawal-of-gig-worker-rule

Lyft had visions of building an autonomous car. What happened?

Lyft explains decision to sell self-driving car business

When Lyft (NASDAQ: LYFT) launched Level 5 in 2017, it had grand plans for the autonomous vehicle (AV) division.

“This is too strategic an area for us not to be a player,” Luc Vincent, the Google executive tapped to lead Lyft’s efforts, said at the time. “We want to take an active role.”

Lyft’s decision to start Level 5 came shortly after competitor Uber (NYSE: UBER) launched its own autonomous driving project. In December 2020, Uber sold that money-losing division to Amazon-backed Aurora. As part...

https://s29755.pcdn.co/news/lyft-had-visions-of-building-an-autonomous-car-what-happened

Lyft’s losses shrink as riders begin returning

Lyft (NASDAQ: LYFT) posted year-over-year declines in Q1 2021 revenues and riders, but an improving trend that started in the second half of last year is continuing.

The company reported revenues grew 7% quarter-over-quarter to $609 million versus $955.7 million in Q1 2020. Net loss was $427.3 million versus a $398.1 million loss in the same period of 2020. Q1 2021’s loss included $180.7 million in stock-based compensation and related payroll tax expenses and $128 million related to changes to...

https://s29755.pcdn.co/news/lyfts-losses-shrink-as-riders-begin-returning

Toyota subsidiary to acquire Lyft’s self-driving vehicle division

Woven Planet Holdings has agreed to acquire Level 5, the self-driving vehicle division of Lyft (NASDAQ: LYFT). Woven will pay $550 million in total cash for the division, founded in 2016 at Open Platform. The sale price includes $200 million in upfront cash and $350 million in additional cash payments over five years.

The acquisition is subject to regulatory approvals and customary closing conditions. It is expected to close in Q3 2021.

Woven Planet Holdings is a subsidiary of Toyota Motor Corp.

“T...

https://www.freightwaves.com/news/toyota-subsidiary-to-acquire-lyfts-self-driving-vehicle-division

Senate bill would make gig workers permanently eligible for unemployment

A bill introduced in the U.S. Senate last week would provide up to $250 in weekly unemployment benefits to gig workers.

Sens. Ron Wyden, D-Oregon, and Michael Bennet, D-Colorado, introduced the Unemployment Insurance Modernization Act. The 106-page bill seeks to overhaul current unemployment insurance benefits, allowing them to fluctuate in amount and length during times of high employment, among other changes. It would also codify jobless benefits to workers who quit for certain reasons, such...

https://www.freightwaves.com/news/senate-bill-would-make-gig-workers-permanently-eligible-for-unemployment

California proposes electric vehicles standard for rideshare companies

California’s quest for a cleaner, greener environment is making its way to the rideshare services like Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT). The California Air Resources Board (CARB) issued a draft proposal Wednesday that calls for nearly all rides in transportation network companies (TNC), commonly known as rideshare services, to be in electric vehicles by 2030.

The Clean Miles Standard is scheduled to be voted on by the full CARB board on May 20.

The report cited the growing need to...

https://www.freightwaves.com/news/california-proposes-electric-vehicles-standard-for-rideshare-companies

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