Ride Hailing Firm Lyft Courted Apple in Attempted Sale

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Lyft_logoRide hailing company Lyft recently approached several companies including Apple in an attempt to sell itself, according to a report by The New York Times.

The second-largest ride hailing firm in the U.S. held talks with or contacted Apple, Amazon, General Motors, Uber, Google, and Didi Chuxing over a potential sale, but was unable to find a buyer, said the newspaper's sources.

G.M., one of the San Francisco-based company's largest investors with a $500 million stake in Lyft, was reportedly the most interested suitor, but ultimately failed to make a written offer. The good news for Lyft is that it has a cash cushion of $1.4 billion and is not in danger of closing down, said the sources, despite the company not yet being profitable.

Earlier this month, Uber agreed to sell its Chinese arm to Didi Chuxing, which Apple recently invested $1 billion in.

The sale put a spanner in the works of Lyft's partnership with Didi, which allowed Didi customers to use their app to hail Lyft drivers, and vice versa. Lyft's so-called anti-Uber alliance with Didi is now in doubt and the U.S. based firm has said it is re-evaluating the agreement.

Tag: Lyft

Top Rated Comments

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52 months ago
No news is bad news. Now more people have heard of Lyft. I hope Lyft succeed for the singular reason of how much I dislike the CEO of Uber. Such aggression and greed like he demonstrates is exactly what's wrong with society today and the kinds of reasons Wall St. is the way it is. People are dirt under his shoes on his pathway to success—no values.
Score: 4 Votes (Like | Disagree)
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52 months ago
Assuming ride sharing might tie into their car project, why can't Apple design their own version of Lyft or Uber if this is the road they are travelling down? Apple has the resources to do so, so why the need to look to, or invest, in another company?
Score: 3 Votes (Like | Disagree)
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52 months ago
It would be a shame if Lyft ceased to exist. There MUST be competition to Uber if we want a fair marketplace. Can't have one company being the only ride sharing service. They'll raise prices, reduce payments to drivers, etc. I use Lyft whenever possible just to bolster them against Uber.
Score: 2 Votes (Like | Disagree)
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52 months ago

Assuming ride sharing might tie into their car project, why can't Apple design their own version of Lyft or Uber if this is the road they are travelling down? Apple has the resources to do so, so why the need to look to, or invest, in another company?

Profit margins. Starting any endeavor involves cost. Possibly building a car and a ride sharing project would involve huge cost and take profit margins from the 30's that Apple enjoys to the mid to lower teens... which everyone else enjoys.
Score: 1 Votes (Like | Disagree)
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52 months ago
"Deciding what not to do is as important as deciding what to do." -Steve Jobs
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