Usage for Uber and Lyft has been ravaged due to the pandemic. Business Insider estimates that the number of Uber users will drop by 28.3% (15.2 million fewer people this year than in 2019). Lyft users will drop by 32.3% (10.3 million fewer). Business Insider reports that sales will rebound strongly in 2021. Growth of 70.2% for Uber and 44.1% for Lyft.
The ride-hailing company said Tuesday 100 percent of its vehicles globally will be battery-powered in 20 years. It's committing $800 million to help drivers switch over their vehicles. Caroline Malone reports.
Lyft stock sunk as much as 9% on Thursday. The drop comes after the company said it will suspend service in California starting at midnight. Business Insider reports that California court ordered Lyft and rival firm Uber to reclassify drivers as employees. Both rideshare companies threatened to suspend operations in the state should the injunction take effect. Uber has yet to announce a suspension but is expected to do so. The tumble placed Lyft shares at their lowest levels since early May.
A California judge on Monday granted the state's request for a preliminary injunction blocking Uber Technologies Inc and Lyft Inc from classifying their drivers as independent contractors rather than employees. This report produced by Yahaira Jacquez.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.