Lyft leads Uber in race to go public

Lyft leads Uber in race to go publicLyft Inc. filed confidentially for an initial public offering of stock, pulling out ahead of Uber Technologies Inc. in the race among ride-hailing companies to go public.
San Francisco-based Lyft has submitted early-stage documentation for its IPO, according to a statement Thursday. It has not yet determined how many shares it will sell in the listing or the potential price range for the stock.
Ride-hailing companies have attracted billions in venture capital, and 2019 will test whether the money-losing businesses withstand wider investor scrutiny.
Uber is aiming for an IPO in the first half of the year, people familiar with the matter have said. Yandex.Taxi, Russia’s largest ride-hailing service part-owned by Uber, is also looking to list in 2019.
Lyft is working with JPMorgan Chase & Co., Credit Suisse Group AG and Jefferies Financial Group Inc., to lead an IPO possibly as soon as March or April, people familiar with the matter have said. Those banks have pitched valuations for the company ranging from about $18 billion to $30 billion, the people said.
“It’s not surprising that Lyft is going public before Uber because in many ways they are in better shape to go public than Uber is,” said Arun Sundararajan, a professor at New York University’s business school and the author of “The Sharing Economy.”
Lyft is led by its founding CEO, the company has an experienced executive team in place, it has a more focused mission and it’s raised more modest sums of private capital, he said.
Lyft has set lower expectations: Its last private valuation pegged the company’s worth at $15.1 billion. “It’s a much easier path for them to go public because the distance between a reasonable public market valuations and their recent valuation isn’t significant,” Sundararajan said.
Meanwhile, Uber, which Toyota Motor Corp. valued at $76 billion in August, could seek a $120 billion valuation based on bankers’ private presentations to the company.
Lyft’s confidential filing means the Securities and Exchange Commission can review the material and provide feedback before the company publicly files its S-1, which will likely include detailed financial information, risk factors and other material information for prospective investors.
Lyft lost $254 million in the third quarter of last year.
Lyft, founded in 2012, has been building up its executive ranks. Anthony Foxx, the former U.S. Transportation Secretary under President Barack Obama, joined the company in October to help it company navigate new regulatory roadblocks across the U.S. The same month Dan Katz, who was chief of staff at the Transportation Department under Foxx, joined as senior director of public policy.
In June, Lyft announced that it had raised $600 million in a round led by Fidelity Investments at a $15.1 billion valuation. Its investor roster includes Alphabet Inc.’s private-equity arm CapitalG, KKR & Co. and Baillie Gifford.
Co-founded by Logan Green and John Zimmer, Lyft has been battling Uber for drivers and riders across the U.S. While Uber has since expanded globally, Lyft has concentrated on its domestic market.
Both continue to spend heavily on discounts for riders and bonuses for drivers.
Read or Share this story: https://www.detroitnews.com/story/business/autos/mobility/2018/12/06/lyft-uber-ipo/38686955/

UPDATE 5-Ride-hail firm Lyft races to leave Uber behind in IPO chase

(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

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.
–––
AP Auto Writer Tom Krisher in Detroit contributed to this story.
Read or Share this story: https://www.detroitnews.com/story/business/autos/mobility/2018/12/05/google-robotic-spinoff-launches/38676567/

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