Ride-hailing group Lyft (LYFT) is canvassing its drivers to find the best way to…well, drive the company forward into the age of robotaxis.
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Driver Forum
The group has introduced its first-ever Driver Advisory Forum, which looks to engage its drivers in shaping key strategies for the firm. Its stock rose 1% on the news.
It comes at a pivotal moment for the industry given the development of robotaxis from the likes of Tesla (TSLA) and Alphabet’s (GOOGL) Waymo, and what this means for customer demand and driver employability.
Analysts and experts have warned that without a slow and phased rollout, robotaxis could displace large segments of the workforce.
According to Rethinking Transportation, up to 5 million jobs in the U.S. could be lost due to self-driving vehicles, including 3.5 million truck drivers and “almost all taxi drivers.”
Hybrid Solution
Recently, Tesla deployed a small number of self-driving Model Y SUVs as robotaxis in Austin, Texas, ferrying paying passengers in selected sections of the city.
The forum will convene drivers during key moments of robotaxi expansion to provide input on policy, planning, and future job opportunities such as remote vehicle support and fleet management.
The inaugural session will include six to eight Atlanta-based drivers and will coincide with Lyft’s upcoming autonomous ride launch with May Mobility this summer in the city.
Lyft hopes that its fleet will evolve into a hybrid of human drivers and robotaxis.
“We don’t claim to have all the answers, but we’re committed to finding solutions together,” said Jeremy Bird, executive vice president of Driver Experience at Lyft.
Is Lyft a Good Stock to Buy Now?
On TipRanks, LYFT has a Hold consensus based on 7 Buy, 21 Hold and 1 Sell ratings. Its highest price target is $28. LYFT stock’s consensus price target is $17.30 implying a 10.16% upside.
