Uber says it can be profitable someday: all it needs to do is corner the "total addressable market" for all transportation and food delivery, which will give it $12t in annual revenue, which is 15% of all global transactions. Read the rest
Veteran transportation economics Hubert Horan has consistently published the best-informed, deepest critiques of Uber and Lyft, explaining how the companies can never, ever be profitable, and warning investors away from becoming the "greater fools" that allow Uber/Lyft's early investors to cash out at their expenses, while cataloging the many ways that Uber and Lyft's legislative strategy, coupled with predatory pricing, is destroying the cities they operate in. Read the rest
Mike Moffitt sums up the empirical work on the impact of rideshare companies like Uber and Lyft for cities: an increase in congestion, especially downtown, especially during "surges" (Uber and Lyft insist that they reduce congestion, especially in downtowns, and especially during surges!); lower wages, longer hours and more precarious work for drivers (accompanied by the slow death of the taxi/limo businesses); huge losses for car-rental companies; and less walking, cycling and use of public transit (awithnd accompanying cuts to transit). Read the rest
Update: Shona from Gig Workers Rising clarifies: "Gig Workers Rising isn't organizing the national day of action. Drivers in each of the 6 cities taking action are coordinating the day of action together. Drivers in LA with Rideshare Drivers United Los Angeles called a strike and asked other cities to take action on the same day. Gig Workers Rising supports and educates drivers who are organizing across the state. We are not organizing drivers."
On May 8, Uber drivers are organizing a nationwide shutdown of Uber, with drivers turning off their apps in protest over low pay: so far, seven cities' drivers are signed up: Philadelphia, Chicago, San Francisco, San Diego, Minneapolis, LA and DC. Uber and Lyft have both slashed pay for drivers and raised prices as they try to assuage the capital markets. Read the rest
The public markets are hungry: as Uber and Lyft look to IPOs to let their investors -- who have been subsidizing 40-50% of every ride -- redeem their shares through sales to the public capital markets, the companies are desperate for ways to reduce their unprofitability and increase those share prices. Read the rest
Whether you love them or hate them, rideshares like Uber and Lyft have become a daily part of life for millions of New Yorkers. These app-based services make it easy to pay for your ride, but while the privacy cost isn’t always as clear, it’s about to get a lot larger. These apps have tracked our movements since they launched, but as of this month, the Taxi and Limousine Commission (TLC) started tracking us too. Read the rest
Angie Schmitt's list of "all the bad things" about Uber and Lyft only touches on transportation, leaving aside the companies' labor, taxation, regulatory and other issues, but it's still quite a damning document. Read the rest
Uber and Lyft are still waiting for feedback from the U.S. securities regulator on their confidential submissions for IPOs, Bloomberg reports tonight, citing people familiar with the matter who aren't disclosing their identities. Read the rest
If you live in an area where grocery stores are easily accessible, count yourself lucky. There are large areas of the United States where food choices are limited to what can be found at fast food joints or the highly processed, canned and frozen "foods" available in corner shops. These areas are called food deserts and they suck. Read the rest
San Francisco has a homelessness epidemic that is both heartrending and a threat to public health, and it has only worsened for decades, and continues to get worse even now. Read the rest
A new report from the San Francisco County Transportation Authority attributes the majority (51%-73%) of the prodigious 2010-2016 increase in San Francisco traffic congestion on Uber and Lyft; the rideshare companies dispute the finding and say that it's really down to increased Amazon Prime delivery vehicles and Lyft has offered to work with the city on "congestion pricing" whereby use of the public roads are taxed at the same rate for both the city's incredibly wealthy tech elite and struggling underclass, with the intention of limiting private vehicle use. Read the rest
Making a living as an Uber or Lyft driver can be tough. An over saturated market, having too few people in need of your services, paying to maintain your ride and the high cost of gas can all take a serious bite out of a driver's bottom line. Read the rest
After a long day of driving for Uber and Lyft, this fella decided to work out exactly how much money he'd be taking home after paying taxes and expenses on his income as an independent contractor. While there's certainly a number of tax loopholes and write-offs that he could be taking advantage of, it looks like, for most people, driving for Uber or Lyft isn't worth the time. Read the rest
Ride-sharing services Uber and Lyft have now both stated that they will no longer force victims of sexual assault into non-binding arbitration, as has been the practice of both firms until today. Read the rest
Leonard Steinberg, a longstanding New York City luxury property broker, claims that the existence of Uber and Lyft has blunted the premium that buyers were willing to pay to live in neighborhoods with good transit links, because they can afford rideshare cars and use the commute time to work, meaning that commutes are less of a factor in calculating the quality of life (because your day starts when you get into the car, not when you get to your desk). Read the rest
Every city where Uber and Lyft have found a foothold has also faced impossible congestion in the city center; Felix Salmon says this is because drivers are incentivized to come to the city-center despite the traffic (because that's where the fares are) and riders are incentivized to skip public transit when there are a lot of cars around to hail with their apps. Read the rest
Shakespeare wrote that "All the world's a stage." But for Oakland, California-based Ashel Eldridge, he's made his car his stage. Dubbed "The Lyft Rapper," he invites his passengers to choose a topic and style of song and he'll make up a song about it on the spot.
Elridge, who also goes by the emcee name Seasunz, says his mission is to elevate the consciousness of his community by helping people understand the forces that may be manipulating them.
His passengers say they’re startled at first when their Lyft driver begins rapping to them. But after the song, they admit the Lyft Rapper has turned a typically mundane trip into an unforgettable experience.
Here's his most recent video:
Yes, he has his passengers sign releases. And no, I don't believe he's sponsored in any way by Lyft. Read the rest
