Lyft – Page 112 – I wish I had more to offer

Monday Morning Auto News, Apr 01, 2019

Tesla boom lifts Norway’s electric car sales to 58 percent market share – Reuters: IndiaAlmost 60 percent of all new cars sold in Norway in March were fully electric, the Norwegian Road Federation (NRF) said on Monday, a global record set by a …
New Alfa Romeo GTV: 2022 hybrid super-coupe leaks – Autocar: Styling of upcoming hybrid two-door seemingly revealed well ahead of official unveiling A leaked image may have given us our best look yet at Alfa Romeo”s forthcoming GTV coupe, which isn”t due to be unveiled until 2021. The single image, purportedly…
Maruti Suzuki sales continue to fall as India car demand slows ahead of elections – Nikkei: Maruti Suzuki India’s sales continued to decline as demand for cars slowed further in March, piling up inventory and forcing …
Buying Lyft stock requires making ‘too many big assumptions,’ analyst warns amid IPO hype – CNBC: Guggenheim restrained its enthusiasm for shares of Lyft on Monday, beginning coverage of the rideshare company’s stock with a neutral rating due to what the firm sees as a hazy outlook.

Volvo XC40 full-electric variant to debut this year – Automotive News: Volvo will reveal the full-electric version of the XC40 before the end of the year. The XC40 will be the first battery-driven model from the brand.
Here’s what Uber can learn from Lyft’s IPO – CNBC: Triton Research co-founder and CEO Rett Wallace joins “Squawk Box” along with guest host Mohamed El-Erian, chief economic advisor at Allianz, …
Uber of Iran Hits Two Million Rides-a-Day Mark Amid Growth Spurt – Bloomberg: Snapp, also known as the Uber of Iran, said its ride-hailing app is generating two million fares a day as young people in Tehran embrace technology …
Skoda, Hyundai, Dacia among winners as French sales fall 2% in March – Automotive News: French new-car sales fell by 2.3 percent in March, with Skoda, Hyundai, Dacia and Seat recording double-digit increases.
For want of a quorum, America’s jobs are being lost – CNBC: … CRRC, China Mobile, SAIC Motor, China Railway, China Aerospace Science and Technology, the list of China’s national champions spans virtually …
Analysis: how to save the city car – Autocar: Cars like the Citroen C1 and Volkswagen Up are under threat Value small cars are at risk of extinction. Profits are slimming, costs are rising. Is there a solution? The message was as bleak as it was clear. “If Europe is pursuing this legal target,…
Hyundai Venue SUV: Launch, features, expected price revealed – Yahoo: Right, Hyundai Venue, I know the name, some more info please? This is a new sub-4m compact SUV by Hyundai and the much awaited rival to the …
Peugeot, Fiat Said to Explore Venture to Build Cars in Europe – Bloomberg: PSA Group and Fiat Chrysler are reportedly exploring a partnership to build cars in Europe. Bloomberg has learned the companies are holding …
The Auto Industry Is Overdue a Bout of Mega-Mergers – Bloomberg: It’s not clear that this necessary process can easily happen. As we’ve seen with the Renault-Nissan saga, the Trump administration’s automotive tariff …
VW, BMW, FCA, others make changes to protect profits in China – Automotive News: “The total market is cooling down, but the premium market is cooling down less,” Audi CEO Bram Schot told Automotive News Europe. “What’s more …
BUZZ-India’s Tata Motors rises; JLR confirms expectations of better Q4 results – Reuters: Automaker Tata Motors Ltd’s shares rise as much as 6.3 pct to 185.2 rupees, in their biggest intraday pct gain since March 5.
Toyota robot can’t slam dunk but shoots a mean 3-pointer – Washington Post: It can’t dribble, let alone slam dunk, but Toyota’s robot hardly ever misses a free throw or a three-pointer.
General Motors seeks dismissal of union lawsuit on closures – Washington Post: Attorneys for General Motors have asked a federal judge to dismiss a lawsuit claiming the automaker sidestepped an agreement with union workers through its …
Toyota robot can’t slam dunk but throws a mean three-pointer – Washington Post: It can’t dribble, let alone slam dunk, but Toyota’s robot hardly ever misses a free throw or a three-pointer.
In North America’s Biggest Uber Holdout, It Pays to Know Chinese – Bloomberg: Welcome to Vancouver, one of Uber’s most obstinate holdouts — the largest North American metro region without legal ride sharing, where …
Italy Seen Needing Energy Storage to Deliver on Pollution Pledge – Bloomberg: … cars might help balance the grid, since the batteries in those vehicles might … the executive said in an interview at Bloomberg’s European headquarters in London. “Today in Italy, we have a limited number of electric vehicles. … a battery is a…
French interest in Jeep: Deja vu? – Automotive News: Last week’s French drama, in which PSA Group and Renault-Nissan were said in dueling media reports to both be interested in a bid for Fiat Chrysler …
Merger buzz rings with irony – Automotive News: And how odd that with both Fiat Chrysler CEO Sergio Marchionne and former Renault-Nissan Chairman Carlos Ghosn gone, their companies find …
What a truck”s off-road package really gets you – Detroitnews: Are off-road packages worth the money?
GM brushed off UAW concessions to idle Lordstown plant – Detroitnews: Union workers are angry they agreed to make $118 million in annual concessions to save the plant in mid 2017.
Convicted Fiat Chrysler exec raises questions about former UAW boss – Detroitnews: Retired UAW President Dennis Williams could be questioned about alleged illegal payments amid corruption scandal involving Fiat Chrysler.
Jettisoned Chrysler dealers challenge U.S. in court – Automotive News: Almost 300 of the Chrysler dealers whose franchises were terminated in the 2009 bailout will continue their fight in Washington on April 8, nine years after they sued the U.S. Treasury.
U.S. sales drop with no reason for buying – Automotive News: “Consumers simply haven’t had a compelling reason to buy,” Cox Automotive’s chief economist said.
Sun plays tricks on Cadillac’s Super Cruise – Automotive News: The issue involves a critical part of the system that monitors the driver’s attentiveness.
Toyota’s Lentz: U.S. has a lot to lose in trade fight – Automotive News: If the U.S. and Japan can’t find common ground, tariffs could knock down 2 million new-vehicle sales as quick as a Texas windstorm, the automaker’s North America chief warned.
JLR wins a rare challenge against Chinese copycat Landwind – Automotive News: A Chinese court ruled recently that Jiangling Motors’ LandwindX7 SUV from 2014 was too similar to Range Rover Evoque. In a rare decision, it ordered the …
Survey finds flagging loyalty in the pickup truck market – Automotive News: What does it take to get a truck owner to switch brands?
Cadillac’s next-gen Super Cruise system to address camera’s sunlight issue – Automotive News: The issue involves a critical part of the system that monitors the driver’s attentiveness.
Rakuten says to book $990 million gain on Lyft investment – Reuters: Japan’s Rakuten said on Monday it will book a 110 million yen ($989.74 million) gain in the quarter through March on its investment in Lyft following the U.S. ride-hailing firm’s listing last week.
GRAINS-Corn ticks up after deep cuts; abundant supplies cap gains – Reuters: China’s State Council said on Sunday that the country would continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1, in a …
Porsche looking at subscription model for special models? – Autocar:
Nissan CEO, Ghosn Mulled Fourth Partner for Alliance, Email Says – Bloomberg: Last September, two months before his arrest in Tokyo, then Nissan Motor Co. Chairman Carlos Ghosn and the carmaker’s chief executive officer considered …
Rakuten to book $990m profit from Lyft IPO – Nikkei: … ($990 million) profit in its first-quarter earnings from a jump in the value of its stake in Lyft, after the U.S. ride-hailing company went public on Friday.

Lyft IPO Values Company at $24.3B

With Lyft going public, all eyes turn to Uber, which is expected to have its IPO on April. Photo via Lyft. Lyft became the first ride-hailing startup to go public, with its Thursday initial public offering valuing the company at $24.3 billion, Reuters reports. Lyft’s stock began trading on the Nasdaq today under the ticker… Continue reading Lyft IPO Values Company at $24.3B

Aptiv to share its self-driving car data to help other researchers – CNET

Aptiv operates self-driving vehicles in partnership with Lyft in Las Vegas. Aptiv Automotive technology company Aptiv wants to help advanced research into computer vision and autonomous-driving technologies by sharing some of the information it has already gathered in the real world. Aptiv announced this week it will share what it’s calling the largest public dataset… Continue reading Aptiv to share its self-driving car data to help other researchers – CNET

As Lyft goes public, profitability is a long-term goal, not a near-term likelihood

Lyft beat Uber to the punch on Friday — the number-two ride hailing service in the U.S. was the first to go public, pricing shares ahead of the IPO at $72. The stock popped as much as 20% in the first minutes of trading, valuing the company at nearly $25 billion.

But Lyft is deeply in the red today, with a net loss of $911 million in 2018. During its road show, Lyft told investors that eventually, it expects to hit twenty-percent margins. The company just didn't say when.

A fierce competition

Uber, which is expected to go public next month, still commands greater market share than Lyft.

It offers rides on-demand in 65 countries and has a stake in Didi and Careem, which operate in Asia and the Middle East and North Africa, respectively.

Lyft is far behind Uber when it comes to coverage. In 2018, its geographic expansion focused on coverage in 95 percent of the U.S., and some new locations in Canada, filings ahead of its IPO disclosed.

Uber was also the first ride-hailing company to expand into services like food delivery and bike-sharing (via its acquisition of Jump in April 2018) which provide it with different revenue streams.

Lyft has been slower to diversify, although it has invested in other modes of transit as well. It bought Motivate in 2018, a bike-sharing company after Uber bought Jump, for example. It also offers scooters to riders looking for options beyond the car.

Lyft
Lyft has invested in other modes of transit including scooters and bike-sharing.

Uber is making plays in logistics with Uber Freight, short-hop air travel with Uber Air, and driverless taxis with its own autonomous vehicle division, Uber Advanced Technology Group.

Lyft is more focused, although it is starting book passengers into self-driving vehicles via a partnership with Aptiv. It hasn't talked about any plans for air taxis.

The race to profit

The next race will pit these ride-hailing players against each other in a quest for profitability, and the confidence of the public market investor.

D.A. Davidson senior vice president and research analyst Tom White says Lyft is doing well with some traditional sales and marketing efforts, and incentives that keep drivers and riders loyal to their platform.

Long term, he says, “There's the potential for autonomous vehicles and autonomous technology to basically reduce the amount of times Lyft has to pay a driver. And that could be a big, big lever for profitability.”

Uber's costly ambitions and lack of focus could challenge its path to profitability, he suggested. “One of the things we like about Lyft being a little smaller than Uber is the fact that they are more focused,” he said.

Lyft
Lyft says it has facilitated 35,000 rides in autonomous vehicles like this one

Head of research at Manhattan Venture Partners, Santosh Rao, told CNBC: “The macro market is good, IPO sentiment is good, so I think this is the right time to get out and they're doing the right thing.”

Others look at Amazon, which lost money for the first several years it operated as a public company, and Tesla, which has yet to record a profitable year, as examples of growth stocks that didn't always prioritize profits.

For those holding out to see an end to Lyft's losses before buying shares, one recent SIG report forecasts the company will become profitable…but it may take seven years.

WATCH:
Lyft begins trading on the Nasdaq at $87.24 a share

Watch the moment Lyft begins trading on the Nasdaq at $87.24 a share
1 Hour Ago | 02:20

Lyft Completes its IPO

Jaguar Land Rover’s venture capital arm InMotion Ventures invested in Lyft’s Series G in June 2017, paying $32.15 per share. Sebastian Peck, Managing Director, InMotion Ventures, said: “Today’s IPO is a real milestone for our industry. App-based ride hailing, which began barely a decade ago, has had a fundamental impact on the transportation ecosystem, and… Continue reading Lyft Completes its IPO

UPDATE 4-Lyft valued at $24.3 bln in first ride-hailing IPO

(Reuters) – Lyft Inc was valued at $24.3 billion in the first initial public offering (IPO) of a ride-hailing startup on Thursday, raising more than it had set off to do as investors overlooked uncertainty over its path to becoming a profitable company. Lyft’s IPO sets the stage for the stock market debut of larger… Continue reading UPDATE 4-Lyft valued at $24.3 bln in first ride-hailing IPO

SoftBank, Toyota JV partners Honda, Hino for self-driving venture

March 28, 2019 Honda Motor Co and truck maker Hino Motors Ltd will join a joint venture of SoftBank Corp and Toyota Motor Corp that aims to develop self-driving car services, the venture said on Thursday. Under an agreement, Honda and Hino, in which Toyota owns a majority stake, would each invest around 250 million… Continue reading SoftBank, Toyota JV partners Honda, Hino for self-driving venture

Uber buys Middle-East rival Careem

Uber has acquired Careem, the biggest ridehailing company in the Middle East. Uber acquired Careem for $3.1 billion and will make it a wholly-owned subsidiary of Uber, operating as an independent company under the Careem brand and still led by the Careem founders. The transaction itself is expected to close in the first quarter of… Continue reading Uber buys Middle-East rival Careem

Uber is buying Middle Eastern ride-sharing rival Careem for $3.1 billion

Uber has announced that it’s buying Careem, a rival ride-sharing service that operates across 98 cities in the Middle East, Africa, and southern Asia, for $3.1 billion. The New York Times notes that Careem will continue to operate as a separate brand, with a board of directors consisting of a mix of Uber and Careem… Continue reading Uber is buying Middle Eastern ride-sharing rival Careem for $3.1 billion

Uber drives Middle East mapping push ahead of IPO: source

BENGALURU (Reuters) – Uber Technologies Inc is six months into a major mapping project that fills holes in its coverage of Middle Eastern cities ahead of a possible takeover of regional rival Careem Networks and this year’s hotly anticipated initial public offering, according to a source with knowledge of the project. FILE PHOTO: Uber’s logo… Continue reading Uber drives Middle East mapping push ahead of IPO: source