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Lyft estimates commitment will reduce 16 million metric tons of GHG emissions and save up to $10 billion for drivers through EV transition
San Francisco, Wednesday, June 17, 2020 – Major US ridesharing company Lyft, Inc. is today announcing an ambitious commitment to reach 100% electric vehicles on the Lyft platform by 2030 as part of The Climate Group’s global electric mobility initiative, EV100. Bringing on board one of the largest ride-sharing companies in North America marks a major step forward in the transition to clean transport and making electric vehicles the new normal globally.
Lyft is making the biggest EV100 vehicle-related electrification commitment under the EV100 initiative to date with an estimated more than 2 million vehicles over the next ten years that it will work with drivers to electrify. As life begins to return to normal in the US after the COVID-19 pandemic, electric vehicles offer a long-term solution to keeping air pollution down and communities healthy.
Switching to EVs will provide direct economic benefits to rideshare drivers because of lower fuel and maintenance costs – an estimated up to $10 billion in savings for drivers from reduced vehicle operating expenses.
EV100 is an initiative by international non-profit The Climate Group, bringing together over 70 forward-looking companies committed to accelerating the transition to electric vehicles (EVs) and making electric transport the new normal by 2030. Other members include Lime, AstraZeneca, and Ingka Group (IKEA).
Helen Clarkson, CEO of The Climate Group, said: “It’s exciting to see a commitment like this from a company like Lyft, showing that the sharing economy can also pursue ambitious climate targets. By working with drivers to electrify more than an estimated 2 million vehicles over the next ten years, Lyft is not only sending a clear signal to policy makers and manufacturers, but will also allow millions of passengers and drivers the chance to experience the benefits of clean transport. A ride-sharing platform such as Lyft making this commitment shows that electric can be the new normal.”
“Now more than ever, we need to work together to create cleaner, healthier, and more equitable communities,” said John Zimmer, Co-founder and President, Lyft. “Success breeds success, and if we do this right, it creates a path for others. By adopting our 100% EVs by 2030 commitment and joining EV100, we hope to inspire other rideshare and delivery companies, automakers and rental car companies to make this shift and provide the catalyst for transforming transportation as a whole.”
Sam Arons, Director of Sustainability at Lyft said: “We’re proudly joining EV100 to kick-start our commitment to 100% electric vehicles on the Lyft platform by 2030. The Climate Group’s leadership in bringing together these forward-looking companies will help make electric transport the new normal within a decade. As we work to meet our goal, we’ll be creating more equitable and healthier communities.”
Today’s news is another example of continued corporate commitment to climate action in the current climate. According to new data released today by The Climate Group, 97% of business professionals say their long-term sustainability strategy remains unchanged despite COVID-19 challenges, while 80% say their company has been able to maintain their current climate actions during the crisis.
For further information contact:
- To request further information on Lyft’s EV100 commitments, or to request an interview with an EV100 spokesperson, please contact Ming Liu, [email protected]
Notes to Editor
- Lyft was founded in 2012 and is one of the largest transportation networks in the United States and Canada. Lyft’s transportation network brings together rideshare, bikes, scooters, car rentals and transit all in one app.
- Lyft expects to be able to electrify Express Drive (rental) vehicles sooner than drivers will electrify their personal vehicles. Express Drive vehicles drive more miles per year on average than personal vehicles, and hence can recoup a higher up-front vehicle cost through faster fuel and maintenance savings that are accrued on a per-mile basis. These savings are expected to increase over time as the cost of EV batteries – which has already decreased nearly 90% since 2010 – continue to come down.
- For personal vehicles, Lyft expects the cost of EVs to continue to decrease – through more cost-effective battery technology and policy support for vehicle purchasing and charging, among other things – so that drivers using personal vehicles will begin significantly ramping up adoption of EVs by 2026.
- Lyft expects to begin ramping up acquisition of EVs for the Express Drive rental car partner program over the next five years and shift all new vehicle acquisition to 100% EV beginning in 2026. They expect to achieve 100% electric miles driven by Express Drive vehicles in 2028.
Lyft Forward-Looking Statements
Lyft would like to make it clear that certain statements contained in this announcement are “forward-looking statements” within the meaning of the securities laws, including statements about Lyft’s strategies, commitment to electric vehicles, plans to implement such commitment, Lyft’s efforts with respect to policymaking and its ability to work with policy makers and other third parties. Such statements, which are not of historical fact, involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Lyft’s filings with the Securities and Exchange Commission. Lyft does not undertake an obligation to update its forward-looking statements to reflect future events, except as required by applicable law.