Harry here. We’ve been waiting to see if Uber would cut fares this year and, to our surprise, they haven’t (yet). But yesterday, we found out that Lyft is actually cutting fares across the board in several cities. They’ve e-mailed drivers in affected cities and said it should only be a 1% cut, but in Orange County, for example, the per mile rate was cut from $1.15 to $0.90, which is a whole lot more than 1%.
I was pretty surprised by the cuts since in the past, when Lyft has cut rates, they’ve told drivers they were only doing it because the competition was also cutting rates. I’ve always been a fan/supporter of Lyft, but it seems like they are becoming more and more like Uber – what do you think?
In other news, today, senior RSG contributor John Ince takes a look at a $20 million lawsuit settlement between Uber and drivers, why Uber lost so much money in 2016 and more!