Lyft is considering strategic options for bike, scooter unit, ET Auto

San Francisco-based Lyft reports second-quarter earnings in August.

Lyft Inc. is considering taking on a partner or selling its bike and scooter business in an effort by the new chief executive officer to focus the ride-sharing company’s efforts on its core business.

The company said it has received strong inbound interest in its bike-and scooter-sharing unit and that “it’s only logical for Lyft to listen to credible proposals,” according to a statement Monday. The Wall Street Journal had earlier reported on Lyft’s plans for the bike and scooter business.

CEO David Risher, who took over in April, has wasted no time shaking things up at Lyft to turn the company’s fortunes around. Lyft’s post-pandemic recovery has been rocky and a period of high prices for rides cost the company market share to its bigger rival Uber Technologies Inc. Risher has lowered prices for customers by making other cost cuts, including layoffs. He has also rolled back Lyft’s fully flexible work policy and hired a new chief financial officer.

The company, which bought a bike-rental operation in 2018, said it expects bikes and scooters to remain “a meaningful part of Lyft’s offering now and into the future.” It operates in 53 markets across 15 countries, including the popular Citi Bikes in New York. The company said last week riders took more than 1.4 million rides across its US network.

San Francisco-based Lyft reports second-quarter earnings in August.

  • Published On Jul 25, 2023 at 01:16 PM IST

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