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LYFT INC

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Lyft : says it will launch ride-hailing in Vancouver before the end of the year

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08/12/2019 | 10:00am EDT

VANCOUVER — Ride-hailing company Lyft says it plans to be operating in Vancouver before the end of this year.

The Passenger Transportation Board in B.C. has yet to unveil its final ride-hailing regulations, but a statement from Lyft says the company is confident its operations will begin in the Lower Mainland sometime this fall.

The B.C. Transportation Ministry has set Sept. 3 as the date ride-hailing companies can apply to enter the market, while rules covering fares and the number of vehicles permitted for each ride-booking service are expected by the end of the summer.

Peter Lukomskyj has been named as Lyft's first general manager in B.C., and says the company hopes to expand throughout the province, especially into areas where additional transportation options are most needed.

But he says, given the number of Class 4 commercially-licensed drivers required to sustain the ride-hailing network, the company's immediate focus is the Lower Mainland.

Lukomskyj says Lyft remains concerned there may not be enough drivers with commercial licences to allow it to expand beyond the region.

Lyft's plans for ride-hailing services outside Vancouver are expected to be announced closer to its Lower Mainland launch.

"We are still quite concerned about the requirement for drivers to have commercial licences as it will negatively impact driver supply and restrict the regions in which we are able to operate," Lukomskyj says in an emailed statement.

Class 4 licence holders include taxi, limousine and ambulance drivers. They must be at least 19 years old with a minimum of two years of non-learner experience and fewer than four penalty points over the preceding two years.

Numerous organizations in B.C., including the craft brewers guild, epilepsy society and the province's gaming and restaurant associations have called for ride-hailing.

Lyft already operates in Ottawa and the Greater Toronto Area between Hamilton and Oshawa.

In the U.S., the company says its ride-hailing app is available to 95 per cent of the population.

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (USD)
Sales 2019 3 502 M
EBIT 2019 -993 M
Net income 2019 -2 761 M
Finance 2019 2 559 M
Yield 2019 -
P/E ratio 2019 -4,00x
P/E ratio 2020 -8,45x
EV / Sales2019 3,15x
EV / Sales2020 2,63x
Capitalization 13 596 M
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