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Technology Travel

Lyft was wrong on driverless vehicles

Lyft co-founder once predicted in 2021, most rides would be self-driving. That’s really ambitious and maybe COVID-19 got in the way but we are nowhere near that state of things.

In 2016, Lyft co-founder John Zimmer predicted most of the company’s rides would be self-driving within five years, a transformation that would largely eliminate the need for costly drivers.

“I really think in the next two to three years that kind of actual no driver, driverless vehicle will be something you can order pretty easily on the Lyft platform,” he told CNBC last week in Detroit.

Zimmer, 38, said autonomous vehicles, or AVs, will be used in tandem with traditional drivers for the foreseeable future, which is why he is convinced the company is well positioned to grow in both areas.

That cautionary tone marks a shift from six years ago, when Zimmer sent waves across Wall Street and the automotive industry with his prediction that self-driving cars would soon dominate the industry. Some believed at the time the ride-hailing company and others like it — namely, Uber — could eventually eliminate the need for car ownership.

Source: CNBC

It looks like fully-autonomous vehicles are not going to be here any time soon.

Categories
Stocks Travel

Grab aims to break even by H2 2024

It will be interesting to see how Grab make the economics work for Grab rides and food, considering South East Asia is a highly competitive market.

Grab Sees Slowing Growth As It Aims To Break Even By Second Half 2024

Grab Holdings said it’s aiming to breakeven by the second half of 2024 on an adjusted earnings basis before interest, taxes, depreciation and amortization, although the growth of its business is slowing.

Grab was established 10 years ago, but it’s never managed to turn a profit. Grab’s shares have lost more than 70% of their value since going public on Nasdaq through a merger with Altimeter Capital Management’s SPAC (special purpose acquisition company).

The Singapore-based company said its revenue would grow 45-55% in 2023 on a constant currency basis, which is slower than its forecast for the current year.

Grab has also recently launched a digital bank—called GSX Bank—in Singapore in partnership with Singtel, and has plans to launch two more banks in Indonesia and Malaysia next year. Grab said on Tuesday that it expects the bank to break even by 2026.

Source: Forbes
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Travel

Uber can finally focus on customer complaints

In the past couple of years, it appears that Uber is working on supply issues. Maybe the company’s drop the ball on the experience itself. I’ve had to wait longer than expected for an Uber right. It seems like this is next in Uber’s list to tackle:

Uber says its chronic shortage of drivers is finally in the rear-view mirror, allowing it to focus on passenger complaints such as cancellations and wait times, according to a top executive at the global ride-hailing group.

The company’s ten largest markets, which together make up more than three-quarters of its bookings, all saw month-on-month driver growth in August, said Andrew Macdonald, Uber’s head of mobility. “That is indicative of a broad-based trend we are seeing around the world,” he added. Globally driver supply is up 70 per cent year-on-year, while the UK hit 85,000 active Uber drivers in August, the highest number ever on the country’s roads.

Resolving its driver shortage has allowed Uber to turn its attention to addressing other customer complaints, including long wait times and drivers who cancel after initially accepting a trip, said Macdonald, a 10-year Uber veteran who took over global responsibility for its ride-hailing business in 2019.

Source: FT
Categories
Stocks Technology Travel

Lyft shuts down in-house rentals

I didn’t see this coming. Lyft Rentals is shutting down less than three years after it opens.

Lyft is shutting down its in-house car rental program

Lyft will stop renting out cars from its own fleet and has laid off around 60 employees, according to The Wall Street JournalAs TechCrunch notes, the layoffs have also been confirmed by the LinkedIn posts of affected workers. The people who lost their jobs, The Journal said, worked in operations and covered 2 percent of the company’s workforce. Back in May, the company reportedly wrote in a staff memo that it’s slowing down hiring due to the economic downturn, but that it didn’t have any layoffs planned. Things have clearly changed since then.

Source: Engadget

Lyft Rentals is one of the more affordable options that I see. I thought they were able to make the unit economics work out.

RIP. They will be missed.

Categories
Technology Travel

Kia EV6 smashes Tesla’s world record

Kia EV6

Recently, the Kia EV6 was also taken on a coast-to-coast road trip from New York to Los Angeles and set another new world record in the process.

During the seven-day trip, the Kia EV6 was charged for a total of seven hours, 10 minutes, and one second. That was fast enough for it to set a new Guinness World Record for shortest charging time to cross the United States in an electric vehicle. Impressively, it shattered the previous record set by Tesla by more than five and a half hours. For reference, the Tesla needed to be charged for a total of 12 hours, 48 minutes, and 19 seconds.

CarBuzz

That’s huge for Kia. And the car is gorgeous. I really welcome the competition here. EV by 2035!

Categories
Travel

VTL between Singapore and USA

Vaccinated travelers can enjoy quarantine-free travel between Singapore and seven European countries (Denmark, France, Germany*, Italy, the Netherlands, Spain, and the United Kingdom), Canada, and the United States starting 19 October 2021, as well as South Korea starting 15 November 2021.

Singapore Air

Starting from 19 October 2021, these two flights will be available for travelers between USA and Singapore:

  • Between New York and Singapore, SQ23 will operate daily as the designated VTL flight.
  • Between Los Angeles and Singapore, SQ37 will operate daily as the designated VTL flight from

Time to plan for a trip to Singapore!

On a separate note, VTL between San Francisco and Singapore will begin with SQ33 operating daily from 20 October 2021.