Uber Faces Challenges in NY With Lyft Debut, Price Caps
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Uber Technologies Inc. is facing a fresh pair of challenges in its largest market, from a deal to cap prices in New York to the entry of competitor Lyft Inc.
Uber, which has been operating in the city since 2011, reached an agreement with New York Attorney General Eric Schneiderman to limit its peak-pricing tactics and cap fees during emergencies, potentially restricting revenue. Lyft said separately yesterday it will start offering ride-sharing services on July 11 in New York with 500 drivers, bringing more competition to Uber, which was valued at $17 billion in its latest financing round.