Lyft promises to go all-electric by 2030

Why are Tesla, Nikola making electric cars when demand isn’t there?

The Car Coach Lauren Fix says the only reason car manufacturers are making electric vehicles is because they’re pressured by governments.

Ride-hailing company Lyft on Wednesday said every vehicle on its ride-hailing and rental car platform will be electric by 2030, but it would not provide direct financial support to drivers for switching from gas-powered cars.

Continue Reading Below

Instead, the company plans to push competitors, lawmakers and automakers to make it easier for drivers to switch to electric vehicles by creating financial incentives, Lyft executives said during a call.

Ticker Security Last Change Change %
LYFT LYFT INC. 35.32 -1.39 -3.79%

John Zimmer, Lyft’s co-founder and president, said the company has reached a scale to impact policy change.

NYC SHUTS DOWN UBER, LYFT SERVICES TEMPORARILY AMID RIOTS

Lyft, whose vehicle fleet is currently made up of less than 1% electric cars, said in a statement it would aggressively promote and help drivers access incentive funds.

“If policymakers do their part in the next few years, EVs should reach cost parity with gasoline vehicles by mid-decade,” the company said.

Environmental activists have called on Lyft and larger rival Uber Technologies Inc (UBER.N) to electrify their fleets. A February study found ride-hail services create around 50% more carbon emissions than private car trips.

CITI BIKE DISCONTINUES NYC SERVICE DURING CURFEW HOURS

Uber has not made a blanket commitment to electrification, but is partially subsidizing drivers’ electric vehicle purchases in London.

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES INC. 33.29 -0.20 -0.60%

Electric vehicles are currently more expensive than gasoline ones, but the comparable cost of operating and maintaining them over time is lower.

Lyft said the price for ride-hail trips in battery-powered cars might even decline in the future.

In the past, Lyft has said that 80% of its drivers have full or part-time jobs and offer rides to supplement their income.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Many ride-hail drivers also use leasing companies to rent a vehicle and are concerned about the wear and tear to their cars.

Lyft offers rental services for drivers and consumers through its own platform and said it would buy electric vehicles for that fleet, but declined to say how many.

The company also said it was in active discussions with carmakers on electrification, but declined to provide details.

CLICK HERE TO READ MORE ON FOX BUSINESS

Source: Read Full Article