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Lyft is introducing a “ more affordable form of higher - end ride ” in an effort to extend ride - hail products that client in reality desire , CEO David Risher state Wednesday during the company’sthird - twenty-five percent earningscall .
The move comes after Lyft has been successful , by some prosody , in regaining market parcel from Uber by cut down its ride - hail menu . In Q3 , Lyft report 22.4 million active riders , up from 21.5 million in the second quarter , and increased gross booking of around $ 3.6 million .
Now that Lyft has brought on some novel riders , the project ahead is to retain those customer . Risher thinks that “ Extra Comfort , ” a new product that he teased during the earnings call , could tap a little section of Lyft ’s drive volume today that has the potential to grow over clip .
“ The cars are newer , the driver are more experient . The legroom is a little turn big . you may choose a quiet ride , and so on and so forth , ” said Risher , noting that the Cartesian product would be priced at $ 1 to $ 2 above normal rides . “ You’Il see it if you open up your Lyft app today in almost all the country and tomorrow , even more . ”
Risher equate Extra Comfort to economic system Plus tickets offered by airline business , which he said are a “ half-baked profit number one wood ” for that industriousness . The upgrade experience would also cater Lyft with a high allowance product to deliver slenderly honest economics .
The new product is in line with Risher ’s new goal for Lyft to prioritise higher - character products . For Lyft , that meansditching share rides , which the executive director says is n’t a keen mathematical product for either driver or rider .
Instead , Lyft is doubling down on products like Wait and Save , which gives customer a cheaper fare for agree to a more flexible pickup metre , or its scheduled ride mathematical product , which has a premium Leontyne Price on it . Risher also teased a “ strong dedication to dependability ” on Lyft ’s reserved ride , particularly for citizenry who expend the feature film for airport rides .
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The estimation behind these features is to present Lyft as a differentiated drive - hail mathematical product . The problem is that Uber is already doing many of these features at a magnanimous scale , so it really just looks like Lyft playing catchup .
In term of ride types , Uber offers Uber Comfort andComfort Electric — both are the same as Lyft ’s Extra Comfort , but Comfort Electric offer rides in luxury galvanic vehicles . In April , Lyft relaunched a feature that allows rider to request an electric or hybrid vehicle , Lyft Green , but it was ab initio only available to business traveller .
