As Lyft goes public, the ride-hailing company doubles down on its promise to provide a better ride?even if it?s not in a car Just before today?s IPO, ride-hailing giant Lyft announced a nationwide initiative to invest in local transportation efforts. City Works, as Lyft?s program is called, will funnel $50 million (or 1 percent of profits) to ?support transportation initiatives? in U.S. cities.
The program was announced early this morning at a pink confetti-laden event in Los Angeles, where former U.S. transportation secretary and chief policy officer Anthony Foxx said Lyft is partnering with local advocacy groups that are already working to improve transportation equity and reduce emissions.
The announcement included some plans that might be surprising to Lyft?s new investors?and potentially difficult for an automobile-centric company to deliver?cities with fewer cars. ?At Lyft, we know that, working together, we can do more to make cities people-focused and not car-focused,? said Foxx. ?And, in nearly every city, there are grassroots leaders, non-profits, activists and drivers who are making city life better, more inclusive, more equitable and more sustainable. We want to lift up this heroic work.?

At at 5:15 am (!) press conference for @lyft timed to today?s IPO. That?s @anthonyfoxx announcing City Works, a plan to invest $50M or 1% of profits into local transportation efforts, starting with LA. pic.twitter.com/nc9320tItm? Alissa Walker (@awalkerinLA) March 29, 2...