Lyft

Lyft executives confident in rebound

Lyft expects turnaround in Q2

Despite no real improvement in active riders, and a revenue decline year-over-year due in large part to the toll the COVID-19 pandemic has taken on the ridesharing business, analysts responded positively to Lyft’s (NASDAQ: LYFT) earnings results on Tuesday.

Wedbush raised Lyft’s price target to $72 from $53. Cowen analyst John Blackledge also boosted the price to $72.

“Last night LYFT delivered better than expected 4Q results, which were another major step in the right direction on the recovery...

https://www.freightwaves.com/news/lyft-executives-confident-in-rebound

Lyft rider numbers remain depressed, revenue falls in Q4

The pandemic took its toll on rideshare companies in 2020, and Lyft (NASDAQ: LYFT) was no different, but its Q4 earnings, released Tuesday after market close, are showing some recovery.

Lyft reported Q4 revenue of $569.9 million versus $1.01 billion in Q4 2019, a 44% decrease. The Q4 2020 revenue, though, was up quarter-over-quarter from $499.7 million, and it beat analysts’ expectations of $561.23 million. Revenue was up 14% sequentially in Q4 and at the higher end of its forecast, co-founder...

https://www.freightwaves.com/news/lyft-rider-numbers-remain-depressed-revenue-falls-in-q4

New coalition backed by gig companies pushes continued independence of workers

As the battle for worker classification for app-based drivers rages around the country, a new organization in New Jersey has formed to advocate for the workers.

The New Jersey Coalition for Independent Work was announced on Tuesday for the purposes of advocating for and protecting the continued independence and flexibility of app-based workers in the gig economy.

The group’s initial membership includes app-based companies DoorDash (NYSE: DASH), Instacart, Lyft (NASDAQ: LYFT), Postmates and Uber (N...

https://www.freightwaves.com/news/new-coalition-backed-by-gig-companies-pushes-continued-independence-of-workers

Social Auto Transport raises $1.5M in seed funding to expand gig economy auto-moving business

Car owners are mostly likely to visit dealerships for service during the first three years of vehicle ownership, J.D. Power reported in its 2020 Customer Service Index survey. The survey found that 88% of customers visit dealers for service in those initial years. The global insights company reported in 2018 that 64% of consumers wait at the dealership for their vehicle to be serviced.

In 2020, though, that changed. Car owners no longer wanted to sit in dealership waiting rooms as COVID gripped...

https://www.freightwaves.com/news/social-auto-transport-raises-15m-in-seed-funding-to-expand-gig-economy-auto-moving-business

DOT lays out strategy for automated trucking

The U.S. Department of Transportation (DOT) released on Monday a strategy for integrating automated driving systems (ADS) into the commercial trucking and passenger vehicle sectors.

The 38-page Automated Vehicles Comprehensive Plan (AVCP), which will be published in the Federal Register for public review and comment, “lays out a vision for the safe integration of automated vehicles into America’s transportation system while ensuring that legitimate concerns about safety, security, and privacy...

https://www.freightwaves.com/news/dot-lays-out-strategy-for-automated-trucking

Prop 22 wins in California; takes Uber, Lyft and other drivers out from under AB5

Proposition 22, designed to push back against AB5 in California for app-based drivers like those at Uber or Lyft, passed comfortably in Tuesday’s election.

The vote was not close; prop 22 passed with about 58% of the vote. 

AB5 is the California law passed in the wake of the Dynamex decision that puts into law the so-called ABC test that was at the core of the Dynamex ruling in 2018. By doing so, even though there were carve-outs for a variety of professions that were added to later through...

https://s29755.pcdn.co/news/prop-22-wins-in-california-takes-uber-lyft-and-other-drivers-out-from-under-ab5

The Daily Dash: A wild Q4 and even better times ahead?

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, Knight-Swift has upped its earnings outlook for 2021 even as experts are predicting a difficult fourth quarter to forecast. Plus, Kenan Advantage Group could be for sale and autonomous vehicle startup Aurora adds executive firepower.

Setting a standard

Knight-Swift Transportation Holdings Inc. (NYSE: KNX) has issued its 2021 guidance more than a quarter ahead of usual. And the expectations are...

https://www.freightwaves.com/news/the-daily-dash-a-wild-q4-and-even-better-times-ahead

U.S. lawmakers approve safety standards for ride-hailing companies

The U.S. House of Representatives unanimously approved legislation on Wednesday requiring ride-hailing companies to establish a digital method that matches drivers with passengers before the beginning of a trip.

Introduced last year by Rep. Chris Smith, R-New Jersey, Sami’s Law, named after college student Samantha Josephson, who was killed by a person impersonating her Uber driver, has bipartisan support improving its chances of eventually being signed into law. The U.S. Senate has not yet...

https://s29755.pcdn.co/news/us-lawmakers-approve-safety-standards-for-ride-hailing-companies

+ More