Ride Hailing

Reuters | |

Lyft Inc on Tuesday posted an adjusted quarterly profit three months ahead of target, seizing on a leaner cost structure as rides rebounded, but it warned of ongoing driver shortages and the spread of the Delta coronavirus variant.

The company reported adjusted earnings before interest, taxes, depreciation and amortization for the first time in its nine-year history, and said it would remain profitable on that basis going forward.

Kimberly Redmond | |

Ford Motor Company (NYSE: F) plans to deploy the first self-driving cars with its partner Argo AI on ride-share service Lyft Inc’s (Nasdaq: LYFT) network by the end of 2021.

In a press release on Wednesday, the companies said the first self-driving Ford cars — which will have a safety driver present — are slated to hit the streets of Miami, Florida, later this year and Austin, Texas, starting in 2022.

Reuters | |

China's Didi Global Inc on Monday confirmed the country's cyberspace administration had notified app stores to remove the ride hailing company's 25 apps and said the move could impact its revenue in the region.

U.S.-listed shares of Didi are 5% lower at 11:40am ET.

Reuters | |

Chinese ride hailing company Didi Global Inc raised $4.4 billion in its U.S. IPO, pricing it at the top of its indicated range and increasing the number of shares sold, the company said.

Didi sold 316.8 million American Depository Shares (ADS), versus the planned 288 million, at $14 apiece.

Reuters | |

Uber Technologies Inc and rival Lyft Inc on Monday launched COVID-19 vaccine ride programs in partnership with the White House, offering Americans free rides or discounts for their trips to and from a vaccination site.

Customers who have booked a vaccine appointment can request a ride through the Uber app and either incur no charges if the trip costs less than $25, or receive a $25 discount for their journey, the company said.

Kimberly Redmond | |

Uber Technologies plans to recruit 20,000 more drivers in the UK to help fill growing demand for rides as the country continues to ease COVID-19-related restrictions.

On Thursday, the San Francisco-based ride hailing company said it will sign up the additional drivers by the end of 2021, adding to the 70,000 it already has in the UK.

Reuters | |

Toyota Motor Corp will acquire Lyft Inc's self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division.

The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm's more than 300 employees of the essentially complete autonomy technology.

Kimberly Redmond | |

Grab Holdings, Southeast Asia’s biggest ride-hailing and food delivery service, is considering a secondary public listing in its home market of Singapore, according to Reuters.

The outlet, citing confidential sources familiar with the matter, reported that Grab is still in the early stages of consideration and a timetable, as well as financial terms, are being worked out.

Kimberly Redmond | |

Grab Holdings, Southeast Asia’s largest ride-hailing and food delivery company, plans to merge with US-based special purpose acquisition company Altimeter Growth Corporation (Nasdaq: AGC) in a deal that would value it at nearly $40 billion.

Under the deal announced Tuesday, Grab will receive about $4.5 billion in cash proceeds, over $4 billion of which will come from institutions such as BlackRock, Counterpoint Global, T. Rowe Price and Fidelity.

AP News | |

Uber is offering sign-up bonuses and other incentives for drivers as it faces record demand for rides and meal delivery.

The San Francisco ride-hailing company said Monday that total monthly bookings, including food delivery and passenger service, reached an all-time high in March.