Just before its initial public offering, ride-hailing giant Lyft announced a nationwide initiative that will funnel $50 million—or 1 percent of profits, whichever is larger—to support local transportation initiatives in U.S. cities.
The announcement included some plans that might be surprising to Lyft’s new investors—and potentially difficult for an automobile-centric company to deliver—cities with fewer cars.
City Works, as Lyft’s program is called, was announced early Friday morning at a pink confetti-laden event held at a former car dealership in downtown Los Angeles. Former U.S. transportation secretary and chief policy officer Anthony Foxx said Lyft is partnering with local advocacy groups that are working to improve transportation equity and reduce emissions.
“At Lyft, we know that working together we can do more to make cities people-focused and not car-focused,” said Foxx. “And, in nearly every city, there are grassroots leaders, non-profits, activists and drivers who are making city life better, more inclusive, more equitable and more sustainable. We want to lift up this heroic work.”
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