The Future Is Electric
Today, we made a big announcement: Lyft is accelerating our environmental efforts and committing to reach 100% electric vehicles (EVs) on the Lyft platform by 2030. We’re excited about this announcement because we believe this will not only help address climate change, but will also provide direct economic benefits to drivers and the communities we serve.
What does this mean for drivers?
There are no changes taking place today, and we have no plans to require drivers to switch to EVs. Instead, we believe we can help make driving an EV a profitable choice and are committed to helping drivers transition to these types of cars over time.
How will this work?
Over the next ten years, Lyft will work with elected officials, environmental leaders, car manufacturers, and charging partners to help make EVs more affordable and accessible for drivers to use with Lyft. As we work with these partners, we’ll help bring down the cost of EVs, improve charging, and develop special promotions. By aggregating the collective demand of the driver community, we can help drivers transition to EVs over time in a way that saves drivers money.
What are the benefits of EVs?
We believe EVs are not just good for the planet, but are also good for drivers. Even though today, the price of EVs is higher than most gas-powered cars, EVs have lower fuel and maintenance costs, which means lower out-of-pocket costs for drivers. For example, drivers renting EVs through our Express Drive rental partner program currently save an average of $50-70 per week on fuel costs. Many drivers say the cost savings is the best part, with one driver estimating he sees “$800 a month in savings.” Plus, the price of EVs are continuing to decline, so we expect EVs will become more economical for rideshare drivers than gas-powered cars in the next 5 years or so. Another driver summed it up best when she said, “I don’t know how I’ll ever go back to a regular car. I’m in love with it.”
What’s been done and what’s next?
We have already begun working with partners and policymakers to make EVs more affordable and accessible. Last year, drivers started using hundreds of EVs in Seattle, Atlanta, and Denver through the Express Drive rental partner program. In Colorado, we built on the leadership of Governor Polis and city leaders to enable hundreds of new EVs to be deployed through Express Drive in the greater Denver area — one of the largest EV deployments in the U.S.
We have much more work ahead of us to help make EVs affordable and accessible, and we’re up to the challenge. To learn more about this new commitment, visit lyft.com/impact/electric.
Certain statements contained in this announcement are “forward-looking statements” within the meaning of the securities laws, including statements about Lyft’s strategies, commitment to electric vehicles, plans to implement such commitment, Lyft’s efforts with respect to policymaking and its ability to work with policy makers and other third parties. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Lyft’s filings with the Securities and Exchange Commission. We do not undertake an obligation to update our forward-looking statements to reflect future events, except as required by applicable law.
December 18, 2020