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- đź“° Lyft Stock Plunges
đź“° Lyft Stock Plunges
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Analysts double downgrade Lyft stock, which plunges, amid robotaxi competition. California enters settlement talks with Uber and Lyft over wage theft. Uber is adding package protection and insurance options to its same-day delivery service. Lyft is filling in gaps from public transit in Utah more than the national average. Do parents trust robots more than drivers? We break it all down for you.
Lyft Stock Plunges As Analysts Double Downgrade as Robotaxi Competition Intensifies
Image Source: Lyft Pressroom
SOURCE – Barron’s
Lyft’s stock has been double-downgraded by Bank of America Securities analysts, who cite concerns about the company’s robotaxi prospects and competition from Waymo. The analysts downgraded Lyft from “Buy” to “Underperform” and significantly reduced their price target, leading to a sharp decline in Lyft’s stock price.
BofA Securities analysts point to Lyft’s lack of scalable AV partnerships and Waymo’s expansion as major headwinds.
Waymo’s potential expansion to San Francisco Airport and Tesla’s entry into the California market could further pressure Lyft’s pricing and market share.
Although Lyft is the second largest rideshare company behind Uber, recent pricing challenges and mixed financial results have dampened analysts’ confidence in near-term growth prospects.
California Enters Settlement Talks with Uber and Lyft in Billion Dollar Wage Theft Case
Image Source: @StandWithJFAW on X.com
SOURCE – CalMatters
California is in settlement negotiations with Uber and Lyft over a massive wage-theft lawsuit that could be worth billions of dollars. The case, filed jointly by state and city agencies, seeks back pay and damages for drivers who worked between 2016 and 2020, before the passage of Proposition 22.
The lawsuit consolidates thousands of individual wage claims and estimates that 250,000 drivers could be eligible for compensation.
Rideshare drivers rallied at three California city halls to draw attention to the case and urge officials to hold the companies accountable.
Rideshare Drivers United, a gig workers’ group, estimates that drivers who filed claims are owed at least $1.3 billion.
Uber Developing Package Protection Feature for Courier Service
Image Source: Uber Pressroom
SOURCE – Android Authority
An APK teardown of the latest Uber app version suggests the company is working on a package protection feature for its courier service. This new option would reimburse users for lost, stolen, or damaged packages up to a certain value, addressing a current gap in Uber’s delivery offerings.
This development would provide users with more security when using Uber for package delivery, as the company currently doesn’t offer insurance for parcels.
The feature could help Uber compete more effectively with traditional courier services like UPS and FedEx.
Strings in the app code also mention an “insurance” option, which is likely related to the package protection feature.
Lyft Fills Public Transit Gaps in Utah at Higher Rates Than National Average
Image Source: Lukas Kloeppel/Pexels
SOURCE – Axios Salt Lake City
A recent Lyft economic impact report reveals that Utahns are significantly more likely to use the ride-sharing app when public transit is not operating compared to the national average. This trend highlights potential gaps in Utah’s public transportation system, particularly in terms of operating hours and route coverage.
55% of Salt Lake City riders and 56% statewide use Lyft when public transit is unavailable, compared to 42% nationally.
Utah Transit Authority has recently expanded services after pandemic-related cuts, including new routes and increased frequency.
The report also shows that Utah’s Lyft drivers are more likely to have or seek additional employment and speak a language other than English at home compared to the national average.
Do Parents Trust Robotaxis More for Kids’ Rides Than Human-Driven Rideshare?
Image Source: @gokulr on X.com
SOURCE – @gokulr on X.com
A recent observation shared on X by tech executive Gokul Rajaram suggests that Waymo may be expanding the rideshare market by gaining the trust of parents to transport their children. While a parent may be skeptical about having an adult driver unknown to the parent transport their child, a robotaxi may offer more peace of mind.
Rajaram noticed a large percentage of Waymos in San Francisco transporting solo children. A friend of his reported that 85% of parents at their kids’ San Francisco school now use Waymo for pickups/drop-offs, up from about 10% using Uber and Lyft previously.
This trend suggests that Waymo is serving “non-consumers” who weren’t using traditional rideshare services for their children.
Are BIG Changes Coming to Lyft? Activist Investor Takes a Stake In The Company
SOURCE – YouTube Shorts
Lyft is facing new pressure from a big-money investor. Engine Capital, an investment firm known for shaking things up at companies, bought $50 million worth of Lyft shares. Now, they’re pushing Lyft’s leaders to take a hard look at how the company is run. Watch the YouTube Short to find out more!
QUICK HITS
The Austin Business Journal profiled Fetii, the group rideshare company, and its founder and CEO, Matthew Iommi. — Biz Journals
Serve Robotics announced it is expanding robot-powered deliveries to the Dallas-Fort Worth area in collaboration with Uber Eats. – Yahoo Finance
All rideshare trips in Colorado may soon require video recording, according to a new proposal. – CPR
You have a few more days to file your taxes. Rideshare drivers, did you know you may be eligible for money from the IRS through SETC Pros? Check to see if you are eligible. – SETC Pros
Must Listen Or Watch RSG Content
Here are this week’s featured podcast episode and YouTube videos:
RSG263: Justin Pappan on Renting a Fleet of Teslas! (EV Access)
The Dashcam Made For Rideshare Drivers (Nexar Beam2 & Beam2 Mini)
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