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LYFT to Launch EV Ride-Hailing Pilot Program in California

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Lyft (LYFT - Free Report) announced plans to expand the usage of electric vehicles (EVs) for ride-hailing in California. To this end, the company’s rental car unit, Flexdrive, will launch a pilot program in partnership with Peninsula Clean Energy, this fall.

This is a step toward the company’s goal of switching entirely to EVs by 2030, i.e., every single vehicle on its platform would be electric. Additionally, last month, California regulators provided a mandate that over the next few years, EVs should account for 90% of ride-hailing vehicle miles traveled.

As part of the Ride-Hail Electrification Pilot Program, Peninsula Clean Energy will provide $500,000 worth of incentives to ride-hail drivers to help them rent an EV by making its cost comparable with a gasoline-powered vehicle.

The pilot program will initially make use of 100 EVs on the Lyft platform in San Mateo County. With this, the program will help in preventing 200,000 gallons of gas usage, thousands of tons of greenhouse gas emissions, and reduce $750,000 in combined cost for ride-hail drivers.

Zacks Rank & Key Picks

Lyft carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Internet - Services industry are Facebook (FB - Free Report) , Marchex (MCHX - Free Report) and United Internet (UDIRF - Free Report) . While Facebook sports a Zacks Rank #1 (Strong Buy), Marchex and United Internet carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Facebook, Marchex and United Internet have rallied more than 42%, 100% and 30% in a year’s time, respectively.

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