You are here

Lyft exploring possible sale of bikeshare division

Published July 26, 2023

SAN FRANCISCO (BRAIN) — Lyft is listening to purchase and investor offers for its e-bike and e-scooter bikeshare division, according to a blog post on its website on Monday.

"Lyft has received strong inbound interest in our bikes and scooters business, which is no surprise given that bikes, and particularly e-bikes, are growing more popular as ridership continues to break records," the post read. "Last week alone, riders took over 1.4 million bike rides across our U.S. network. As a leading bikeshare provider, supplying solutions to over 53 markets across 15 countries, it's only logical for Lyft to listen to credible proposals and explore strategic partners and options in several forms to serve more riders in more cities. We expect this part of the business to continue to be a meaningful part of Lyft's offering now and into the future."

According to a Wall Street Journal report on Monday, Lyft is seeking financial assistance for its bike-share division and is considering a sell-off to achieve profitability.

Lyft purchased Motivate in November 2018. It operates bikeshare operations in eight U.S. cities, including New York, Chicago, San Francisco, and Denver. Lyft says its Citi Bike bikeshare system is the 30th largest transit provider in the U.S.

Topics associated with this article: Electric bike

Join the Conversation