Lyft Follows Uber Into Bike-Sharing Lane, Buying Owner of CitiBike
Source: New York Times
Lyft competes with Uber for ride-hailing customers. Now it is following its rival into bike-sharing, as the companies move to diversify the kinds of transportation services they offer.
Lyft said on Monday that it was buying the core operations of Motivate, the parent company of CitiBike and several similar programs in United States cities. The business, to be renamed Lyft Bikes, will maintain control of Motivate’s contracts with New York City, Chicago and six other cities.
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The bike-sharing market is not huge, but its growth could cut into the companies’ core business (as could the surprising success of electric scooters). Offering alternatives to car rides allows Uber and Lyft to keep people using their services when taking a car makes little sense, particularly for short trips.
Read more: https://www.nytimes.com/2018/07/02/business/dealbook/lyft-citibike-motivate-bike-share.html
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