rideshare

FTC to crack down on ‘unfair, deceptive’ gig company practices

FTC gig economy rideshare

The Federal Trade Commission is throwing down the gauntlet against gig companies like Uber, Lyft and DoorDash.

The FTC on Thursday released a policy statement that made clear the agency’s commitment to protect gig workers from “unfair, deceptive and anticompetitive practices.” While the statement does not have any legal power, it mentions a laundry list of practices that the FTC is looking to combat, including:

  • Misrepresentations of the flexibility of gig work
  • Diminished bargaining power
  • Reducing...

https://www.freightwaves.com/news/ftc-to-crack-down-on-unfair-deceptive-gig-company-practices

Lyft targets in-vehicle advertising with new business unit

Woman walks toward Lyft vehicle

Riders getting into Lyft vehicles may soon be greeted with advertising as the company has confirmed it will start rolling out in-vehicle and rooftop displays.

The advertising push comes as the rideshare business has jumped in recent months and as competitor Uber (NYSE: UBER) targets $1 billion in advertising revenue by 2024. Lyft’s efforts will come through the newly formed Lyft Media business unit and could offer drivers a cut of the revenue pie, the Wall Street Journal reported.

“We hope to...

https://www.freightwaves.com/news/lyft-targets-in-vehicle-advertising-with-new-business-unit

Lyft shares rise as firm reports strong Q2 active rider numbers

Lyft rideshare car

Just a few days after rival Uber reported record revenue, causing the stock to pop, Lyft on Thursday also gave investors reason for optimism.

The ride-hailing giant reported earnings for the second quarter after market close, and active riders appear to be on the rebound.

The 19,860,000 active riders the company recorded in Q2 represented a 15.9% increase from Q2 2021, signaling a potential rebound from its pandemic doldrums.

Shares of Lyft (NASDAQ: LYFT) jumped nearly 4% in post market trading on...

https://www.freightwaves.com/news/lyft-shares-rise-as-firm-reports-strong-q2-active-rider-numbers

Uber Delivery delivers first quarterly adjusted profit

Uber is making its case as a superapp. The ride-hailing, freight-hauling, food-delivering platform reported its Q4 2021 and FY2021 earnings after the bell on Wednesday, recording its first profitable quarter for delivery in terms of adjusted earnings before income, taxes, depreciation and amortization.

The delivery segment’s adjusted EBITDA of $25 million helped drive a healthy quarter for Uber. For all segments, that figure was $86 million, topping the high end of Uber’s guidance and marking...

https://www.freightwaves.com/news/uber-delivery-delivers-first-quarterly-adjusted-profit

Lyft reports first-ever full-year adjusted profit

Lyft reports Q4 2021 and FY2021 earnings results

Ride-hailing platform Lyft announced its earnings for Q4 2021 and FY2021 after the bell on Tuesday, turning in its first-ever profitable year in terms of adjusted earnings before interest, taxes, depreciation and amortization. The company reported a figure of $92.9 million after a loss of more than $750,000 in 2020.

A sizable chunk of that profit came during Q4. Adjusted EBITDA for the fourth quarter of 2021 was $74.7 million, up from losses of $150 million in Q4 2020 and topping Lyft’s...

https://www.freightwaves.com/news/lyft-reports-first-ever-full-year-adjusted-profit

Rideshare rebound: Breaking down Uber’s and Lyft’s big Q3

Uber and Lyft earnings analysis strong quarter of profitability for rideshare companies

In 2019, a pair of financially unproven but promising rideshare companies debuted two of the largest public offerings of the decade, just two weeks apart from each other –– and they let just about everyone down.

At the time, assessments of Uber’s and Lyft’s IPOs ranged from “modest” to outright “bleak” as the rivals failed to live up to the lofty expectations they had set for themselves. People had questions about the companies, and rightfully so. In the calendar year leading up to its IPO, Uber

https://www.freightwaves.com/news/rideshare-rebound-breaking-down-ubers-and-lyfts-big-q3

Lyft turns in 2nd consecutive EBITDA-profitable quarter

Lyft announces Q3 2021 earnings, another profitable quarter

Ride-hailing platform Lyft announced its earnings for Q3 2021 after the bell on Tuesday,  reporting a 73% increase in year-over-year revenue and a 13% gain on last quarter’s revenue, while recording a profitable adjusted earnings before interest, taxes, depreciation and amortization for a second consecutive quarter. Q2 and Q3 2021 are the first adjusted-EBITDA-profitable quarters for Lyft.

Adjusted EBITDA for Q3 2021 exceeded Lyft’s outlook, coming in at $67.3 million, up from losses of $239.7...

https://www.freightwaves.com/news/lyft-turns-in-2nd-consecutive-ebitda-profitable-quarter

Bay Area Uber EV drivers can get discounts on Wallbox chargers

Uber to offer discounts on EV chargers from Wallbox

As California rideshare companies face electric-vehicle mandates in the coming years, a question of how drivers for the services would be able to afford those vehicles has persisted. While help on the vehicle purchase price remains uncertain, Uber (NYSE: UBER) has taken the first step to provide some assistance on the charging infrastructure.

Uber is partnering with Wallbox (NYSE: WBX) on an EV charging and energy management system plan for rideshare drivers in the San Francisco Bay Area under a...

https://www.freightwaves.com/news/bay-area-uber-ev-drivers-can-get-discounts-on-wallbox-chargers

What would a vehicle mileage tax mean for ride-share?

What would a vehicle miles travelled (VMT) tax mean for ride-share?

Support it or oppose it, the federal excise tax on gasoline, more commonly referred to as the gas tax, isn’t getting it done. 

The U.S. government hasn’t raised the federal tax rate of 18.4 cents per gallon since 1993, and since 2008, policymakers have been drawing from nontransportation funds like the general fund to pay for transportation infrastructure because the gas tax simply isn’t bringing in enough money. Just last week, the Highway Trust Fund, which supports road construction and mass...

https://www.freightwaves.com/news/what-would-a-vehicle-mileage-tax-mean-for-ride-share

Autonomous tease: Aurora shows image of Toyota Sienna designed for rideshare

Autonomous vehicle company Aurora has shown images of an autonomous Toyota Sienna that it said has been designed specifically for ride-hailing operation.

The company posted a blog detailing the vehicle, which is based on the Toyota (NYSE:TM) Sienna Autono-MaaS (S-AM) mass-produced prototype. The S-AM is Toyota’s hybrid-electric powertrain. Aurora said tests will be conducted over the next six months and that “we’ll mature this initial development fleet in Pittsburgh, Dallas, the Bay Area and...

https://www.freightwaves.com/news/autonomous-tease-aurora-shows-image-of-toyota-sienna-designed-for-rideshare

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