Does this sound familiar? If you said yes, it is because we announced back in June, that Lyft will require you to have an electric vehicle by 2030.
So now, the two companies that control the market are now not only setting prices that are equal to one another but are also dictating the vehicle the driver needs to buy. If this doesn’t scream monopoly, I don’t know what will.
To be fair, Uber has pledged $800 million to help drivers get into electric vehicles. I am really puzzled as to how this will work, since many lending companies, refuse to loan out to rideshare drivers.
Don’t get me wrong. Electric vehicles are the future and are way cheaper to maintain in the long run, assuming your warranty is not voided because you are a Uber or Lyft driver.
However, the majority of drivers are doing both Uber and Lyft to make ends meet, whether it is their full time gig or part time gig. Many struggle to meet the basic bills because of the low rates that Uber and Lyft pay that are competitive of 1970 taxi rates. This means they have bad credit. It is very seldom you will meet a driver (outside of UberBlack) that will have a brand new vehicle. Besides the bad credit, it just doesn’t make sense.
Currently, there are not that many used EV’s on the market.
At the rates we have, upgrading to a EV is just not sustainable. 800 million dollars is not going to help the million+ drivers on the road.