(Reuters) – Ride-hailing company Lyft Inc beat bigger rival Uber Technologies Inc in filing for an initial public offering (IPO) on Thursday, defying the recent market jitters and taking the lead on a string of billion-dollar-plus tech companies expected to join Wall Street next year. Lyft’s IPO will test investors’ appetite for the most highly… Continue reading UPDATE 5-Ride-hail firm Lyft races to leave Uber behind in IPO chase
Tag: Lyft
Ride-hailing firm Lyft Inc files for IPO
(Reuters) – Ride-hailing company Lyft Inc beat bigger rival Uber Technologies UBER.UL in filing for an initial public offering that will test investor appetite for high-profile but loss-making technology companies. An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris Helgren The… Continue reading Ride-hailing firm Lyft Inc files for IPO
Lyft files IPO documents with SEC
Lyft has filed a draft registration statement with the U.S. Securities and Exchange Commission for its long-awaited initial public offering, Lyft wrote in a press release today. However, the exact timing of the offering is unclear. In a confidential filing with the SEC, Lyft did not state the number of shares it expects to offer,… Continue reading Lyft files IPO documents with SEC
Lyft Inc confidentially files for IPO
An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris Helgren (Reuters) – Ride-hailing company Lyft Inc on Thursday confidentially filed a statement with the U.S. Securities and Exchange Commission for an initial public offering. It did not specify the number of… Continue reading Lyft Inc confidentially files for IPO
And Uber is going with . . . Bird (looks like)
Five months ago, the Bay Area-based electric scooter rental company Lime joined forces with the ride-hailing giant Uber, which both invested in the company as part of a $335 million round and said it was going to promote Lime in its mobile app. It’s looking now like that may have been a mistake for Lime. Though… Continue reading And Uber is going with . . . Bird (looks like)
Google’s robotic spinoff launches ride-hailing service
Google’s robotic spinoff launches ride-hailing serviceSan Francisco – Google’s self-driving car spinoff is finally ready to try to profit from its nearly decade-old technology.
Waymo is introducing a small-scale ride-hailing service in the Phoenix area that will include a human behind the wheel in case the robotic vehicles malfunction.
The service debuting Wednesday marks a significant milestone for Waymo, a company that began as a secretive project within Google in 2009. Since then, its cars have robotically logged more 10 million miles on public roads in 25 cities in California, Arizona, Washington, Michigan and Georgia while getting into only a few accidents – mostly fender benders.
The company is initially operating the new service cautiously, underscoring the challenges still facing its autonomous vehicles as they navigate around vehicles with human drivers that don’t always follow the same rules as robots.
The service, dubbed Waymo One, at first will only be available to a couple hundred riders, all of whom had already been participating in a free pilot program that began in April 2017. It will be confined to a roughly 100-square-mile area in and around Phoenix, including the neighboring cities of Chandler, Tempe, Mesa, and Gilbert.
Although Waymo has been driving passengers without any humans behind the wheel in its free pilot program, it decided to be less daring with the new commercial service.
“Self-driving technology is new to many, so we’re proceeding carefully with the comfort and convenience of our riders in mind,” Waymo CEO John Krafcik wrote in Wednesday blog post heralding the arrival of the new service.
The ride-hailing service is launching in the same area where a car using robotic technology from ride-hailing service Uber hit and killed a pedestrian crossing a darkened street in Tempe, Arizona seven months ago. That fatal collision attracted worldwide attention that cast a pall over the entire self-driving car industry as more people began to publicly question the safety of the vehicles.
“I suspect the Uber fatality has caused Waymo to slow down its pace a bit” and use human safety drivers in its ride-hailing service,” said Navigant Research analyst Sam Abuelsamid. “If people keep dying, there will be a bigger backlash against these vehicles.”
The Uber robotic car had a human safety driver behind the wheel, but that wasn’t enough to prevent its lethal accident in March.
Waymo’s self-driving vehicles are still susceptible to glitches, as an Associated Press reporter experienced during a mid-October ride in an autonomous minivan alongside Krafcik near company’s Mountain View, California, headquarters.
The minivan performed smoothly, even stopping for a jaywalker, before abruptly pulling to the right side of the road. Ahead was a left-turning FedEx delivery truck. In a digital message to the two human backup drivers, the van said it “detected an issue” and it would connect to a rider support agent. Rider support didn’t respond, so they switched to manual mode and returned to Waymo headquarters.
At that time, Krafcik conceded to the AP that Waymo’s self-driving vehicles were still encountering occasional problems negotiating left-hand turns at complicated intersections.
“I think the things that humans have challenges with, we’re challenged with as well,” Krafcik said. “So sometimes unprotected lefts are super challenging for a human, sometimes they’re super challenging for us.”
Waymo eventually plans to open its new ride-hailing app to all comers in the Phoenix area, although it won’t say when. It also wants to expand its service to other cities, but isn’t saying where. When that happens, it could pose a threat to Uber and the second most popular U.S. ride-hailing service, Lyft, especially since it should be able charge lower prices without the need to share revenue with a human driver in control at all times.
General Motors also is gearing up to begin offering a ride-hailing service through its Cruise subsidiary under the management of a new CEO, Dan Ammann, who has been the Detroit automaker’s No. 2 executive. Cruise plans to start its ride-hailing service at some point next year in at least one U.S. city. Another self-driving car company, Drive.ai, has been giving short-distance rides to all comers within Frisco, Texas and Arlington, Texas since the summer.
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AP Auto Writer Tom Krisher in Detroit contributed to this story.
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Waymo starts commercial ride-share service
Geoff Robins | AFP | Getty Images
John Krafcik, CEO of Waymo speaks at a press conference at the 2017 North American International Auto Show in Detroit, Michigan, January 8, 2017.
After months of testing and millions of miles developing self-driving vehicle technology, Waymo has officially launched the country's first commercial autonomous ride-share service.
The company's Waymo One program will give customers rides in self-driving vehicles 24 hours a day. Initially, the service will be limited to cities surrounding Phoenix, including Tempe, Mesa and Chandler.
While there may be many potential customers who want to ride in an autonomous vehicle, the Waymo One service will initially be offered to a limited number of people. Those customers will include hundreds of people in the Phoenix area who were test users of the Waymo self-driving vehicle fleet that has been in development since April 2017.
“Self-driving technology is new to many, so we're proceeding carefully with the comfort and convenience of our riders in mind,” said Waymo CEO John Krafcik. One example of Waymo taking a cautious approach rolling out its ride-share service is the company's use of safety drivers to supervise the rides, at least initially. In addition, the company's app and consoles in the Waymo One vehicles will allow riders to instantly connect with support agents who can assist riders with questions.
Alphabet's Waymo One marks the start of the race by automakers, tech companies and other firms to launch autonomous ride-share services. General Motors subsidiary Cruise plans to launch a similar service using self-driving vehicles next year.
What's driving the competition? The pursuit of greater profits. Studies of have shown the biggest cost for ride-share operations is the expense of paying a driver. General Motors estimates it costs ride -share companies more than $3 per mile in San Francisco. However, GM believes that cost could drop to roughly $1 per mile by 2025 with driverless vehicles in ride-share fleets.
Waymo has said it expects the cost to consumers for using Waymo One to be competitive with Uber, Lyft and other ride-hailing services.
Lyft Acquires Bike-Share Company and Inks Deal With N.Y.C. – Fortune
Having sealed a deal to expand New York City’s Citi Bike, Lyft announced Thursday that it is now the largest bike-share service in the United States. Although the ride-hailing company agreed in July to buy Motivate, an operator that reportedly dominates 80% of bike rentals in America, the deal didn’t become official until Thursday morning… Continue reading Lyft Acquires Bike-Share Company and Inks Deal With N.Y.C. – Fortune
Lyft Becomes America’s Largest Bikeshare Service
Today, we’re excited to share that we are completing the acquisition of America’s largest bikeshare service, Motivate. Headquartered in New York City, the company is responsible for the growth of the country’s most ridden bikeshare systems, including: Citi Bike (New York), Ford GoBike (San Francisco Bay area), Divvy (Chicago), Bluebikes (Boston Metro area), Capital Bikeshare… Continue reading Lyft Becomes America’s Largest Bikeshare Service
Ride-hailing app Gett seeks buyers
Ride-hailing app Gett seeks buyersGett Inc., the ride-hailing app valued at more than $1 billion and backed by Volkswagen AG, is looking for buyers in a bid to compete with larger rivals, people familiar with the matter said.
The Israeli tech company has approached potential bidders including other car-hire firms, the people said, asking not to be identified because the discussions were private.
Gett may sell its entire business or offload regional operations outside of its home market, said two of the people. The company may also weigh a listing, partnership or sale of a minority stake to raise capital, another person said.
Deliberations are preliminary and there’s no guarantee Gett will go ahead with a sale or initial public offering, the people said.
“As Gett is on a clear path towards profitability globally, including the U.S.,” in the first half of 2019 “it should not be surprising that Gett may receive inbound inquiries from strategic partners,” a spokesman for Gett said.
Gett had a promising start, attracting more than $300 million from Volkswagen in 2016 as the carmaker looked for a viable challenger to Uber Technologies Inc. and Lyft Inc. This year Gett has raised $80 million from investors including Swedish fund manager Vostok New Ventures Ltd.
However, the business has been struggling in the face of growing competition.
Vostok cut the value of its stake by 14 percent so far this year, according to its third-quarter report. That puts its 4 percent holding at $55.5 million, giving Gett a value of about $1.39 billion. Volkswagen has also decided to funnel resources into a home-grown ride-sharing unit called Moia.
Facing intense competition in the U.S., Gett has also weighed an exit from the country just over a year after spending $200 million on an acquisition to enter the market, people familiar with the matter said in July.
Gett isn’t the only ride-hailing company struggling to maintain growth. Uber’s sales are dramatically slowing even as the firm spends more to expand. Lyft’s losses increased to $254 million in the third quarter from $195 million last year after spending more on research and development, a person familiar with the matter said. The two companies are also considering IPOs next year.
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