Lyft Inc. (NASDAQ:LYFT) CEO David Risher, during the company’s Q3 2026 earnings call on Thursday, said that autonomous driving and Robotaxis were not impacting the ride-hailing company’s business in a negative way.
AVs Are Driving Lyft’s Business
Risher was asked about whether Robotaxis had an impact on Lyft’s business in cities like Austin. “I probably won’t say too much about any particular market,” Risher said. However, the CEO then said that the company was “actually growing” in markets where AVs operate.
“That’s really important because it kind of underscores this thesis we’ve had that AVs are going to be incremental,” Risher added. “They’re a product people like. Once they get in them, they sort of find after initial hesitation, people find them, they feel safe, they feel very private, and so on and so forth,” he said.
However, AV fleets tend to be “small” and “spread out,” which leads to longer wait times and other hiccups, he said, which leads to customers switching back to Lyft. “We’re continuing to see that, and Austin is no exception to that,” the CEO said.
Lyft to Focus Robotaxi Efforts Around Baidu, Waymo
Expanding on Lyft’s Robotaxi efforts, Risher said that the company will focus on deepening its partnership with Baidu Inc.‘s (NASDAQ:BIDU) Apollo Go and Alphabet Inc.‘s (NASDAQ:GOOGL) (NASDAQ:GOOG) Waymo. “We’re looking for a small number of partners to go deep on. Baidu and Waymo are the two that we’re the most focused on right now,” he said.
Risher then said that there would be other partners as well, without mentioning who these partners were. He then expanded on Lyft’s partnership with Waymo in Nashville, Tennessee, which comprises the “fleet management side” and the “marketplace supply sharing side.”
Risher said that the company was expanding its Nashville Waymo fleet “significantly” by the end of 2026. “On the fleet management side, we’re operating this 80,000 sq ft facility, which we opened about a month ago. It’s going super well,” he said, outlining the importance of keeping the vehicles ready for deployment.
Lyft has also partnered with Baidu’s Apollo Go to bring autonomous rides to London through its FREENOW platform. Baidu’s RT6 robotaxi is currently undergoing safety and validation testing with a safety driver. Risher said the companies are targeting commercial service in 2027.
Lyft x DoorDash
During the earnings call, the company also outlined its Lyft Go membership program in collaboration with DoorDash Inc. (NASDAQ:DASH) that combines rideshare with food delivery.
“It gives you an industry-leading 8% back in credit to use on the best rideshare platform and on the best delivery platform,” Risher said, adding that DashPass subscribers will already have access to Lyft Go via linking both accounts. The membership offers $0 delivery fee on DoorDash orders and is available for a monthly subscription fee of $9.99.
The move comes as Uber Technologies Inc. (NYSE:UBER) also announced a partnership with Amazon.com Inc. (NASDAQ:AMZN) where Uber Eats delivery service can be directly accessed by Amazon Prime subscribers in the U.S. through the app and will offer $0 delivery fee on orders of $25 and above.
Lyft Earnings
Lyft reported revenue of $1.822 billion, which missed the market estimate of $1.92 billion for Q3. Lyft also reported Q3 EPS loss of 3 cents per share, which also missed the analyst consensus of EPS earnings of 18 cents per share.
Lyft’s rides were up 10% year-over-year to 273.5 million, while gross Bookings accounted for $5.6 billion, illustrating a 17% YoY jump from the same period last year.
Price Action: LYFT shares were down 7.01% to $16.59 during overnight trading on Thursday.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Recent Comments