Lyft Cuts Fares 1 Percent, Plans to Add 100 Cities
Lyft passengers and drivers in a Lyft ride on February 3, 2016 in San Francisco, California.
Photo by Mike Coppola/Getty Images for LyftThis article is for subscribers only.
Lyft Inc., the No. 2 U.S. ride-hailing company, plans to boost the number of cities it covers to 300 from 200 by the end of 2017 while cutting prices to attract more customers.
Neither Lyft or top rival Uber Technologies Inc. are making money in the U.S. as they compete for driver-and-rider loyalty. Uber covers more than 75 percent of the U.S. Lyft says that its network reaches 55 percent of the population, and that will rise to about 72 percent after the expansion, which begins this week with the addition of 40 cities.