RideSharing Company News: From 2020 to 2024 Developments and Inovation

In recent years, the Ridesharing industry has noticed massive development. More and more people are signing up for ridesharing apps due to their ease of use and reliability. This article compiles ridesharing company news for the timeline from January 2020 to March 2024.

List of Ride-Sharing Companies:

Keeping abreast of ridesharing company news, here’s an updated list of key global players shaping the market:

Major Players:

• Uber (USA)
• Lyft (USA)
• Didi Chuxing (China)
• Grab (Singapore)
• Bolt (Estonia)

Regional Players:

• Ola Cabs (India)
• FREE NOW (Germany)
• BlaBlaCar (France)
• DiDi (Brazil)
• Careem (MENA Region)
• Cabify (Spain & Latin America)
• Yandex.Taxi (Russia & CIS)
• Rutaxi (South Africa)

Other Notable Companies:

• Gett (Israel & Russia)
• LeCab (France)
• Via (USA)
• Ryde (Australia) *嘀嗒出行 (Didi Hitch) (China)

This is not a complete list of ridesharing companies. This global rideshare business landscape is continuously evolving. New companies are rising, and existing ones may expand or go out of  business. The major players continue to dominate headlines in ridesharing company news, showcasing innovation and expansion.

For those looking to dive deeper into ridesharing company news, resources like Statista and Crunchbase offer comprehensive updates.

• Statista – Ridesharing Market Share Worldwide
• Crunchbase – Ridesharing Companies 

The Ridesharing company News

March 2024

Uber Ride-Sharing Begins in Kaga, Boosting Access to Onsen Resort and Aid for Quake Evacuees

In March 2024, ridesharing company news highlighted Uber’s new initiative in Kaga, marking a notable development. Uber Japan has teamed up with Kaga City to start a new ridesharing service in Ishikawa Prefecture. The purpose of this service is to make trips easier to Kaga Onsen, and help people who have to leave their homes because of earthquakes. It is a community effort, with local folks driving and a special app for booking. The service is especially useful around popular tourist spots and all over the city in the evenings. Thanks to recent changes in fare rules, about 70 drivers have signed in for this service. This partnership is a big step in improving how people get around locally and in responding to disasters.

[Source: Japan Times]

February 2024

Uber Achieves First Full-Year Profit Since IPO, Surpasses Expectations with Strong Q4 Bookings

Uber Technologies Inc. reported its first annual profit following its initial public offering in 2019 and saw its stock hit a record high. Exceeding expectations, Q4 bookings propelled profits and revenue, supported by $1 billion in investments. CEO Dara Khosrowshahi recognized 2023 as a turning point, signaling a robust recovery from pandemic lows and operational profitability. This achievement aligns with Uber’s recent addition to the S&P 500 index.

[Source: ApNews]

Uber and Lyft Consider Exiting Minneapolis Over Pay Dispute

Uber and Lyft have issued warnings of possibly discontinuing their services in Minneapolis in response to a city council proposal for new driver pay requirements. The new rule says that drivers should be paid at least $1.40 for every mile and 51 cents for every minute of their trips in the city. Both companies argue that this will lead to increased fares for rideshare users, reduced income for drivers. This can result in their withdrawal from the Minneapolis market. The focus is to find a fair solution for both drivers and rideshare companies. The city council will be hearing on the matter and decide about rideshare services’ future in the city.

[Source: Axios]

eVTOL Revolution Takes Flight

Ridesharing company news took a futuristic turn with the successful test flights of eVTOL aircraft, as reported in February 2024. In February 2022, Avolon and AirAsia partnered to work on eVTOL (electric vertical takeoff and landing) aircraft for ridesharing services. In a short span of just 2 years, in February 2024, eVTOL aircraft completed successful test flights. This is a revolutionizing step towards the integration of eVTOLs in ridesharing platforms, especially in the region of South Asia. In South Asia, AirAsia has already expressed its interest in including electric vehicles for urban air mobilization solutions.

[Source: Avolon]

Rideshare and Delivery Workers Strike for Fair Pay

The rideshare and delivery workers’ strike in February 2024 became a significant event in ridesharing company news. Drivers for Uber, Lyft, and DoorDash went on a nationwide strike on February 14, 2024, demanding fair pay and improved treatment. Reportedly, wage for rideshare driver is not satisfactory. Organized in major US cities, the strike highlighted concerns over diminishing earnings due to the platforms’ fees. Despite the protests, Uber reported no disruption to its services. This strike is the result of high tension between drivers and ride-sharing platforms. Drivers are concerned about their rights at work and justified pay for rides.

[Source: Reuters ]

January 2024

Uber Offers Free Rides for Teens to Watch “Mean Girls” Movie

In a promotional activity for Uber Teen account, Uber offered free rides to teen account holders from January 12 to 15 to watch the movie “Mean Girls”. Reportedly, Teen service allowed users between age 13 to 17 to enjoy 2 complimentary rides worth $15 to any theater. Uber’s teen account allows teen users to book their own rides and meals. Along with that, it enables parents to monitor the journey with live safety features and real-time updates to ensure a secure trip from pickup point to destination.

[Source: Cbsnews]

Uber Plans to Reapply for Licence in Aberdeen

Uber, the largest ride-hailing service, has confirmed that it plans to reenter Aberdeen’s transportation. It is intending to pursue an operating license in Aberdeen. This action comes after the company’s 2018 license surrender. There are already talks with city officials over Uber’s possible comeback to supplement Aberdeen’s current taxi services. 

[Source: BBC]

December 2023

Uber Stays Ahead in Ridesharing as Industry Braces for 2024 Challenges

2024 is being seen as a vital year to land new places in the ridesharing industry. Uber is a key focus for people as an industry leader at this time. It is facing challenges in keeping its position in the industry intact. Last year, both Uber and Lyft rode a wave of success, marking their territory with notable revenue jumps and a rise in their stock values. However, the mood at Nomura has shifted slightly. They’ve decided to give Lyft a “reduce” rating, hinting at some rough waters ahead for them due to the tricky market conditions. On the flip side, Uber seems to be going a bit smoother, with Nomura bumping up its price target to a “neutral” stance. They believe Uber isn’t just skating by; it’s strategically consolidating its grip on the market. They also mention that with interest rates expected to go down and Uber planning to reward its shareholders, Uber’s future looks interesting and potentially profitable to keep an eye on.

[Source: Seekingalpha]

November 2023

Uber and Lyft to Pay $328 Million in New York Wage Settlement

New York State’s attorney general announced that Uber and Lyft have settled for $328 million with their drivers in New York to address issues like unpaid wages and benefits. This significant agreement also includes paid sick leave for drivers. Attorney General Letitia James celebrated this settlement as a remarkable win for the more than 100,000 drivers involved. Addressing issues that date back from 2014 to 2017, this settlement goes beyond resolving old conflicts; it lays down a new benchmark for the rights of workers in the gig economy. This is a significant milestone in the journey for labor rights. It represents a shift towards greater protection and recognition for gig economy workers.

[Source: BBC]

October 2023

Cruise Pauses Dallas Driverless Rideshare Launch to Rebuild Public Trust

Cruise, a pioneering self-driving rideshare service, has announced a temporary halt to its autonomous operations to reassess its policies and enhance public trust.  The move shows Cruise’s commitment to safety and its readiness to undertake challenging measures for improvement. This pause comes after two federal investigations into Cruise technology and concerns from Dallas city council members regarding safety. 

[Source: Keranews]

Uber Teams Up with Waymo for Driverless Rides in Phoenix

Uber and Waymo are starting a new service in Phoenix. It is a driverless ride service, which is accessible via the Uber app. This service is about to  launch on October 26. This new service combines autonomous vehicle technology with tried and tested ride hailing. Currently, this service is available in specific zones.. 

[Source: Pymnts]

Coastal Rides Launches in Fort St. John

Coastal Rides, which originated from Sechelt, B.C., is extending its ride-sharing app to Fort St. John to address local concerns about taxi availability. This service is similar to Uber but without surge pricing. It offers pre-set fares for convenient and accessible transportation options.

[Source: Energeticcity]

Uber Launches ‘Sustainovate’ Challenge to Boost Sustainable Mobility

Uber launched the ‘Sustainovate’ challenge, teaming up with Startup India and Nasscom AI to fuel innovation in sustainable mobility. The reason for this challenge is to find practical ideas for greener transportation solutions. The winning startup will achieve a grant of 120,000 dollars. Uber tech leaders will coach the top three finalists to improve their green transport solutions. Uber is committed to net-zero emissions by automobiles by 2040. Sustainovate is also part of this process.

[Source: Business Standard]

September 2023

Uber Unites with Southern California Taxis for Enhanced Service

Uber partnered with Los Angeles Yellow Cab and five Southern California taxi fleets. This partnership allows taxi drivers to take Uber trip requests. The aim of this partnership is to increase the earnings of taxi drivers as well as improve service speed for Uber users. This kind of partnership has already been launched in San Francisco and New York. This is a big step towards integrating traditional taxi services with Uber services.-sharing platform.

[Source: DailyNews]

Lyft Launches Women+ Connect for Enhanced Safety

Lyft introduced Women+ Connect, which enables women and nonbinary individuals to opt for rides with drivers of the same gender identification in select cities, including Chicago and San Francisco. The motivation behind this initiative is to ensure safety and inclusivity. It also aims to encourage more diverse driver sign-ups and provide a more comfortable ride experience.

[Source: Engadget]

August 2023

Uber Revives Ride-Sharing with New ‘Group Rides’ Feature

Uber closed group rides in India in 2020 due to increasing COVID cases. In August 2023, Uber restarted the group ride service in India. It is a feature in which people who are traveling towards same direction can share a ride. It is a wonderful feature as it allows app riders to save on the cost of rides. Along with that, it is an environment-friendly move and also helps in reducing traffic congestion, especially in major cities.

[Source: Economic Times]

July 2023

inDrive Launches in South Florida, Offering Negotiable Ride Prices

The global ride-sharing app inDrive was launched in South Florida. inDrive is offering a unique model in Florida where passengers and drivers can negotiate fares directly. Being in the game for over a decade, inDrive has 175 million downloads and is used worldwide. inDrive is determined to improve driver earnings and passenger savings, especially with an initial no-commission period in Florida. The company conducts thorough background checks for driver info. It is also offering real time GPS tracking to ensure safety during traveling.

[Source: Prnewswire]

June 2023

Uber Launches at Victoria International Airport

Uber has started its ride-sharing services at Victoria International Airport (YYJ). This service will result in convenience for both locals and visitors in Victoria. This new airport rides service was launched with support of local authorities at the airport. With the help of designated airport pickup areas at YYJ airport, Uber aims to offer reliable and affordable transport options for airport travelers.

[Source: Victoria Airport]

April 2023

Lyft Announces Over 1,000 Employee Layoffs Amid Cost-Reduction Efforts

Lyft, a ride-sharing industry leader, has announced that it need to let go off more than 1,000 employees due to difficult financial conditions. It is going to be a tough decision, but the company is compelled to make it to improve its financial situation. 

[Source: Economic Times]

March 2023

California Court Affirms Contractor Status for Uber, Lyft Drivers

A California court has made its decision in favor of Uber and Lyft ride-sharing companies. The court has said that drivers working through these apps will be maintaining contractor status. They will not be entitled to employee benefits like minimum wage, paid leave or unemployment insurance. Potential benefits for rideshare drivers can be flexible work and high income. Overall this decision is a win for ride sharing companies but not so good for drivers. The fight for rights at the workplace may continue.

[Source: Economic Times]

January 2023

P.E.I. Rideshare Company Expanding to New Brunswick

Kari Ride Sharing, initially started and working in Prince Edward Island, is planning to expand its operations in New Brunswick till the summer of 2023. Kari ride is targeting cities like Saint John, Moncton, or Fredericton. Despite insurance challenges, the company is optimistic about meeting the public demand for rideshare options in the province.

[Source:  Global News]

August 2022

Uber Aims for B.C.-Wide Expansion, Eyes Holiday Launch in Victoria and Kelowna

Uber is going to request a license for Columbia province. It is planning to start working in Victoria and Kelowna till this holiday season. Uber has submitted an application for approval from the Passenger Transportation Board (PTB) for a license. If Uber gets this license, this license will be effective in the whole province. This is not the first request from Uber for a license in Columbia. Uber’s last request was declined, but it is hopeful to get approval this time. Uber is committing to provide safe and affordable for people in the region of Columbia.

[Source: Global News]

June 2022

UberX Share Revamps Ridesharing

In June 2022, Uber launched a new service named UberX Share. This is a redefined carpooling service with reduced fares for the users. Riders who choose UberX Share will be matched with another passenger heading in the same direction. Riders get a 20% discount on the total fare for their cooperation. Even if there is no 2nd person going in the same direction, users will receive some upfront discount. Carpooling services like this not only make traveling more affordable but also help in reducing carbon emission and traffic congestion specifically in metropolitan areas.

[Source: Uber newsroom]

February 2022

Partnership for a Sustainable Future 

In early 2022, leading aircraft leasing firm, Avolon, and AirAsia which is a top Southeast Asia’s airline signed a partnership agreement. Avolon and AirAsia are on a mission to launch an innovative ridesharing platform by 2025 that will incorporate small aircraft like electric vertical takeoff and landing (eVTOL) aircraft in its operations. eVTOL is an aircraft that works on electric power instead of conventional fueling options. The significant motivation towards this big step is to cut short conventional transportation methods that are not very environmentally friendly and explore sustainable transportation for ridesharing. This project is said to have the potential to reshape the whole urban mobility industry.

[Source: Avolon]

December 2021

Lyft, Argo and Ford launched self-driving automobiles in Miami.

Lyft, in collaboration with Ford and Argo launched self driving rideshare service in Miami. These vehicles combine Ford’s autonomous vehicle technology with Argo designed self driving systems. Reportedly, it’s the first time that this type of service is being offered in Miami.

[Source: Lyft]

October 2021

A shocking concern about safety from Lyft

Ridesharing services claim that their service is safe. They take measures to conduct background checks for drivers. Despite this step, Lyft admits that from year 2017 to 2019, it received more than 4000 sexual assault reports from riders. Uber also reported that in the USA, 3000 assault cases were reported in 2018. Lyft responded to a report that drivers are being screened for background checks and any criminal records annually. Officials said that occurrence of any such incidence has dropped by 19% in the last 3 years.

[Source: The Guardian]

September 2021

Increase in Uber and Lyft fares due to driver shortage

Uber and Lyft fares raised by 92% from year 2018 to 2021. Recently, riders are noticing delays in the arrival of rides. The reason for the delay is there is the shortage of drivers. It is reported that drivers are not satisfied with the compensation provided to them by these ridesharing companies. Lyft and Uber have offered more bonuses and incentives for drivers to attract them to their platform.

[Source: CNBC]

July 2021

Drivers have not returned for Uber and Lyft since Covid.

Covid was a tough time for the ridesharing industry. It faced a massive loss in 2020. Now, as activities are starting normally, Uber and Lyft are facing the issue of drivers not coming back to work. Due to the shortage of drivers, people have to wait longer for their ride to arrive. One of the reasons put forward by drivers is they are not satisfied with the compensation they receive for their work. Reportedly, companies offered 80% of the fare to drivers, which shrank to 40 to 20% fare. Another reason is drivers are still concerned about COVID-19 and are not comfortable working yet.

[Source: CNBC]

April 2021

Ridesharing services increase congestion.

Ridesharing services appear as an ecofriendly alternative for transport. However, to everyone’s surprise, according to Future Urban Mobility (FM) and MIT research, this is not the case. Ridesharing services claim that using them is an environment-friendly decision. However, the study shows that ridesharing services resulted in congestion by one percent as, after the rise of ridesharing services, people are heading towards these rides instead of public transportation. Public transportation usage dropped by 8.9 percent as people find rides more convenient.

[Source: MIT News]

February 2021

2020, A nightmare for Uber and Lyft

Due to COVID, 2020 was a horrible year for all popular rideshare companies. Lyft and Uber, being giants in the field, suffered the most due to market situations during COVID-19. Uber had to face a loss of 6.7 billion USD while a loss for Lyft was 1.8 billion. Ridesharing pioneer, Uber tried to face this situation by using its grocery delivery services, such as Uber Eats. However, it also has strong competitors in the game. Lyft does not have any other services, and it has tried to cut costs in marketing initiatives.

[Source: The Verge]

July 2020

Future for Uber and Lyft after pandemic

Reportedly, Uber and Lyft faced a drop in their service by 70 to 80% during COVID-19 in the US. 2020 first quarter is rough on the market and also for the rideshare industry. But things are getting better one by one, the question is will people use ridesharing service as they are afraid of infection. Ridesharing services are offering free rides to essential workers and underprivileged communities. It is reported that people will be avoiding public transit and may prefer to travel using ridesharing services as they are comparatively safer than public transportation.

[Source: Forbes]

March 2020

Uber and Lyft to suspend carpooling due to Covid

Carpooling services like Uber Pool are among the cheapest and most convenient transportation options. But after the outbreak of COVID-19, rideshare companies are suspending carpooling for social distancing protocol. Additionally, Uber says that it will suspend the accounts of drivers and users who got infected by COVID-19.

[Source: The Verge]

February 2020

Lyft is about to take user share from Uber by 2023

Uber as the industry leader has a user share of 74.5% in USA. Lyft is the main competitor for Uber. It is estimated that Lyft share will increase to 59% users. The competition in rideshare battle is on!

[Source: Emarketer]

Year 2023 Ridesharing Company News: Major breakthrough in a nutshell:

Electric Vehicles Charge Ahead

People are becoming more informed about sustainable options in 2023. They prefer environmentally friendly options instead of conventional ones. Ridesharing giants like Uber and Lyft are the first movers to adopt this change. They are including electric vehicles in their fleets. These vehicles are environment-friendly and sustainable and will result in reduced carbon emissions. This smart adoption has earned the badge of environment-responsible leader to Uber and Lyft. 

Subscription Services Gain Momentum

To make a loyal customer base and steady revenue stream, ride sharing companies are offering subscription service on their rides. Subscription offer comes with monthly and annual plans. Users are being offered decent discounts in fare on these subscriptions. 

Increased Demand for Sustainable Transportation

 According to a 2023 report by Morgan Stanley, people are becoming more aware of climate change concerns. They are switching towards eco-friendly sustainable solutions. They are now more aware about the concept of carbon footprint and are preferring sustainable vehicles for transportation. Ridesharing companies are handling this change in consumer behavior by adopting electric vehicles.

[Source: Morgan Stanley]

Micro Mobility Integration Expands

People are getting more obsessed towards E-scooters and e-bike due to their ease of use, especially in high traffic areas. Ridesharing companies are actively partnering with micromobility providers to make the most of the situation. This collaboration will make life easy for users as they can switch between conventional ridesharing option and micro mobility option in the city through the same app. With the help of this collaboration, ridesharing companies will also be able to target a diverse user base.

[Source: Movmi]

Safety Measures Prioritized

In line with ridesharing company news focusing on user safety, 2023 saw major firms like Uber and Lyft implementing enhanced safety measures, underscoring their commitment to passenger and driver security. Moreover, user safety was a key concern in 2023. Ridesharing firms ran extensive background checks for drivers, and special safety training approved by the National Safety Council was provided to drivers. Additionally, ridesharing apps are now offering real-time tracking to ensure safety. An example of this real-time tracking can be witnessed in the Uber Teen account, allowing parents to track the real-time location of their kids during the ride. Furthermore, in-app emergency buttons have been improvised in apps. The root cause for all this added functionality is to make users feel safe and sound.

Frequently Asked Questions

Which ridesharing companies are the most popular?

Uber, Lyft, inDrive, Grab, and Bolt are some of the most popular ridesharing companies globally.

What rideshare service pays the best?

Uber and Lyft are commonly reported to offer better compensations to drivers as compared to low scale ridesharing services.

What rideshare service is cheapest?

Uber and Lyft typically offer competitive pricing, especially for shorter trips within urban areas.

Conclusion

From 2020 to 2024, the ridesharing landscape underwent significant transformations. While companies emphasized eco-friendliness and rider safety, they also encountered driver-related challenges. Nevertheless, with a growing focus on sustainability and safety across all industries, the demand for accurate insights has surged. This is where Oak Business Consultant excels. Specializing in market research, we equip businesses with the knowledge to navigate dynamic landscapes and make informed decisions. Partner with us to stay ahead and thrive in today’s ever-changing business environment.