Lyft facts for kids
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| Public | |
| Traded as |
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| Industry | Vehicle for hire |
| Founded | June 9, 2012 (as Zimride) |
| Founders |
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| Headquarters | San Francisco, California, U.S. |
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Area served
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Key people
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| Revenue |  US$4.40 billion (2023) |
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Operating income
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▲ US$−476 million (2023) |
| ▲ US$−340 million (2023) | |
| Total assets | US$4.56 billion (2023) |
| Total equity | US$541 million (2023) |
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Number of employees
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2,945 (2023) |
| Subsidiaries | Motivate |
Lyft, Inc. is an American company that helps people get around. It offers many ways to travel, like ride-hailing (where you get a ride from a driver), motorized scooters, and bike rentals. You can also rent rental cars or get food delivery through Lyft. The company mainly operates in the United States and some cities in Canada.
Lyft sets the prices for rides, which can change based on how many drivers are available and how many people need a ride at that moment. This is called dynamic pricing. Customers know the price before they book. Lyft earns money by taking a small fee from each ride. It is the second-largest company of its kind in the United States, after Uber.
Lyft drivers are seen as independent workers, not regular employees. This means they have more freedom but also fewer benefits that regular employees might get. This way of working has led to some discussions and legal cases about driver rights. Some studies also suggest that Lyft can make traffic worse in cities, especially where it competes with public transport.
Contents
History of Lyft
Lyft was started in the summer of 2012 by two computer programmers, Logan Green and John Zimmer. Before Lyft, they had a company called Zimride, which helped college students share rides for long trips. Logan Green got the idea for Zimride when he wanted an easier way to share rides from his college to visit his girlfriend.
In May 2013, the company changed its name from Zimride to Lyft. A few months later, in July 2013, Lyft sold the original Zimride service to Enterprise Holdings, which owns Enterprise Rent-A-Car.
Lyft's Unique Branding
When Lyft first started, its cars had a special look. Drivers would attach large, pink, furry mustaches to the front of their cars. Riders were also encouraged to sit in the front seat and do a fist bump with the driver. However, by November 2014, the company stopped encouraging the fist bump.
In January 2015, Lyft introduced a new, smaller mustache. This one was a glowing plastic light that drivers placed on their dashboard. They called it a "glowstache." This change happened because some riders felt uncomfortable arriving at places like business meetings in a car with a giant pink mustache on the front.
Expanding Services and Reach
In August 2014, Lyft added a new option called shared transport. This allowed multiple riders going in the same direction to share a ride and split the cost.
Lyft expanded its services into Canada in December 2017. It started operating in cities like Toronto, Hamilton, and Ottawa.
In March 2018, Lyft teamed up with a healthcare company called Allscripts. This partnership allowed hospitals and doctors to arrange rides for patients who needed help getting to their appointments. This service was planned to help millions of patients.
In November 2018, Lyft bought Motivate, a company that runs bike-sharing programs like Capital Bikeshare and Citi Bike. Lyft also announced plans to add many more Citi Bikes and expand its bike service.
Becoming a Public Company
In March 2019, Lyft became a public company. This means its shares could be bought and sold on the stock market. The company raised a lot of money, about $2.34 billion, and was valued at $24.3 billion. Lyft even set aside some shares to give to its long-time drivers.
Recent Changes and Partnerships
In March 2020, Lyft bought a company called Halo Cars. This company paid drivers to show digital ads on their vehicles. A month later, in April 2020, during the COVID-19 pandemic in the United States, Lyft had to let go of many employees to save money. They also continued to offer scooters in some cities, but had to stop in others.
In August 2020, Lyft partnered with the car rental company Sixt. This allowed Lyft users to rent cars directly through the Lyft app. Most of these rental cars were owned by Sixt.
In December 2020, Lyft announced plans to start a robotaxi service in several U.S. cities with a company called Motional. However, in April 2021, Lyft sold its own self-driving car division to Toyota for $550 million.
In April 2022, Lyft agreed to buy PBSC Urban Solutions, a Canadian company that makes bike-share equipment. Later that year, in November 2022, Lyft announced it was laying off about 700 employees.
In March 2023, David Risher became the new CEO of Lyft. In April 2023, the company announced more layoffs, affecting over 1,000 corporate workers.
In September 2023, Lyft stopped offering its car rental services, known as Lyft Rentals.
See also
In Spanish: Lyft para niños
- Ride sharing privacy
