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Lyft completes purchase of Motivate, unveils new bike and invests $100 million in NYC's Citi Bike program

Published November 30, 2018

NEW YORK (BRAIN) — Ride share company Lyft has completed its purchase of Motivate, the country's largest bike share company. The purchase was originally announced in July. 

As it completes the purchase, Lyft has announced that it will invest $100 million in New York's Citi Bike program, which is operated by Motivate. Officials from Lyft and Motivate, along with New York Mayor Bill de Blasio, announced Friday that the investment will triple the size of the Citi Bike system, adding 40,000 new bikes. 

The company also unveiled a new bike design featuring Lyft's trademark purple colorway. 

Besides Citi Bike, Motivate operates bike share systems in the San Francisco Bay Area, Chicago, Boston, Washington, D.C., Portland, Oregon, Columbus, Ohio, and Minneapolis. According to the company, 80 percent of all bike share rides in the U.S. last year were completed on Motivate systems. 

Lyft also has launched dockless electric scooter programs in Denver and Santa Monica, California. 

"Today, Lyft takes a large step forward in our vision to provide a more sustainable transportation experience that will bring together all your favorite ways of getting around into one unified Lyft app," said Lyft 's co-founder and president, John Zimmer. "We're excited to introduce new and exciting mobility products in the months ahead for our city partners and riders."

Last month, Lyft announced that it had hired Anthony Foxx, the secretary of transportation under President Barack Obama and former mayor of Charlotte, North Carolina, as its chief policy officer and adviser to the co-founders.

Topics associated with this article: Bikeshare, Mergers & Acquisitions

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