Lyft Inc.
09/04/2024 | News release | Distributed by Public on 09/04/2024 05:46
A note on the future of Lyft bikes and scooters
Lyft's bikes and scooters division is in the middle of another record-breaking year. I wanted to take a minute to update you on what we've been up to, and where we are going.
One thing has become abundantly clear: Bikes and scooters are core to our purpose and make our company stronger. Millions of riders every year rely on our bike and scooter systems to get to work, to school, to go out to dinner, to visit their friends - in short, to connect with the world around them. We have created best-in-class products, including an e-bike that's addictively great. And cities in the US and abroad are increasingly embracing micromobility solutions as a part of their basic infrastructure to help ease congestion, combat pollution and climate change, and support their communities in a healthy way.
That's why our bike systems have become critical to cities like New York, San Francisco, Chicago, and Washington, D.C. in the US. And our footprint extends far beyond: Our bikes, scooters, docks, and software power bikeshare systems in more than 50 markets in 16 countries, including London, Madrid, Barcelona, Montreal, Toronto, Mexico City, São Paulo, and Dubai. All told, between the systems we operate and supply, we enable more than 100 million rides every year. That's an extraordinary achievement.
Now we are focused on maximizing this opportunity for Lyft - and ensuring that bikes and scooters continue to improve the performance of our overall business. That means making a few changes:
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Focus: We are renaming our bikes and scooters division Lyft Urban Solutions (LUS) to better reflect the role we play for cities around the world. LUS will be led by Michael Brous, our former head of operations whom we elevated to run the division last year.
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Financials: We are right-sizing our cost structure, including streamlining and restructuring the team, spending less on R&D, and focusing on deployment.
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Product: We are narrowing our product portfolio to focus on our best-in-class bikes and ebikes, scooters, electrified docking stations, and software, to better sell to, serve, and electrify cities. This means we will no longer operate standalone dockless bikes and scooters. We are discontinuing our dockless scooters in Washington, D.C., and are exploring alternatives for our dockless bikes and scooters in Denver.
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Partnerships: In many U.S. cities where we don't operate our own bikes and scooters, we have partnered with Bird and Spin to allow riders to access them through the Lyft app.
We are more confident than ever about the promise that bikes and scooters represent. With our industry-leading hardware, user-friendly software, and efficient operations, Lyft Urban Solutions is poised to become the most customer-obsessed integrated micromobility offering for cities around the world. As bikes and scooters become an even bigger part of the global transportation landscape, we will supercharge our business, cities, and riders' journeys.
Forward-Looking Statements
Certain statements contained in this announcement and the accompanying attachment are "forward-looking statements" within the meaning of the securities laws, including statements about Lyft's bikes and scooters business, its markets and partnerships. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Lyft's filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events, except as required by applicable law.