Lyft has announced plans to expand internationally by launching operations in Toronto, their very first location outside of the U.S. for the holiday season. The company has raised $1 billion in financing last month and has received tremendous support from Alphabet’s venture investment arm, CapitalG. Lyft also agreed on a partnership with Ford Motor Company back in September to develop autonomous vehicle designs and technology and is looking to open up a research facility in Palo Alto, California.
The ride hailing service is to start next month in Toronto and Lyft is offering a 25% bonus for the first 3,000 drivers who are approved and complete 20 rides a week during the first 3 months of operations.
Compared to Uber, Lyft has given presentations about their business model and discussed multiple transport strategies in other locations outside of the U.S. such as London, giving them the opportunity to expand there as well. Uber suffered a major setback in London and had their license revoked to operate in the British capital. Following this, Lyft has received way more popularity and has projected a friendlier image compared to their rival. Customers see that Lyft is more focused on treating people well including their employees.
We see it as a world-class city. It will likely become one of our top five markets overall. We expect that to happen, and we see it as a city that really shares the values that we have at Lyft — focusing on people taking care of people, treating people well, treating people with mutual respect and promoting both inclusion and diversity, Lyft president and co-founder John Zimmer said