Two years ago, Lyft made an industry-leading commitment to reach 100% electric vehicles by the end of 2030. Since then, we’ve been working hard with public and private partners to help bring about the systemic changes needed to pave the way for a fully-electric future that benefits everyone - beyond just rideshare.
Today, we’re taking another critical step towards achieving our collective climate goals with a new suite of offerings making it easier, more cost effective and more lucrative for drivers on Lyft to transition to EVs.
This new EV bundle includes:
A new earnings incentive: Drivers in California will be able to earn an extra $150 every week by giving 50 rides in their personal EVs until the end of 2024 (though drivers will need to register their EV on the platform by the end of 2023). And they can keep earning the bonus week after week until they hit $8,100 (Subject to terms and conditions, see incentive details here).
Fast charging discounts: Starting this week, US drivers on Lyft can access charging discounts at EVgo stations when they link their EVgo account with Lyft (up to 45% off EVgo’s standard Pay As You Go rates for Gold and Platinum drivers in certain markets). They will be able to link their accounts at any time from the Lyft Rewards page in the Driver app, and learn more about the partnership here. If they don’t have an account, they can create one for free.
Cashback: Drivers can get between 1-7% cashback on public charging with the Lyft Direct debit card. The cashback amount is based on a driver’s Lyft Rewards tier and includes 7% cash back for Platinum drivers, 3% for Gold drivers, 2% for Silver drivers, and 1% for all cardholders at charging stations across the US that accept Mastercard.
“Electrifying our transportation network is a crucial step in helping reverse the negative impacts of climate change. We know many drivers on Lyft want to switch to EVs, which is why we’re focused on addressing the biggest barriers they face in transitioning: upfront costs and access to charging. These offerings are the latest in many steps we are taking to support drivers in switching to an EV on Lyft,” said Paul Augustine, Lyft’s Director of Sustainability.
In addition to this new suite of offerings, we’re also working with our partners to add thousands of new EVs from Hyundai, Kia, Ford, Polestar and others to our Express Drive rental program next year. This provides drivers with a low-cost, low-commitment alternative to purchasing their own EV.
And we’re launching a new educational website for drivers, which will help them understand if switching to an EV is right for them and the benefits of driving those EVs with Lyft. For example:
Drivers can get up to $7,500 off certain EVs with federal incentives — with many state and local governments offering additional incentives.
EV owners can save on fuel and maintenance costs year after year.
New EVs offer a median driving range of more than 230 miles on a single charge. That’s good news for the 90% of drivers on Lyft who drive fewer than 230 miles per day.
EV drivers on Lyft earn over 40% more in tips per ride, according to data averaged nationwide.*
We expect to continue making strategic investments and advocating for smart policies that help our drivers transition to EVs and fully electrify our transportation network. Together, we can achieve our collective climate goals and create a cleaner and more sustainable future.
* Tip amount depends on many factors, including where you’re driving and the age of your vehicle. This figure is based on nationwide data from 1/1/2022 - 11/28/2022 across all US regions and vehicle ages.
Forward-Looking Statements Certain statements contained in this announcement are “forward-looking statements” within the meaning of the securities laws, including statements about Lyft’s electric vehicle commitments, incentive programs and other efforts to encourage driver’s on Lyft’s platform to switch to EVs, Lyft’s Express Drive rental program and Lyft’s strategic investments and policy initiatives. 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. Lyft does not undertake an obligation to update its forward-looking statements to reflect future events, except as required by applicable law.