You are using an older browser version. Please use a supported version for the best MSN experience.

Lyft reportedly tried to sell to Apple, Uber and others

Engadget Engadget 20/08/2016 Andrew Dalton
© Provided by Engadget

Apparently General Motors wasn't the only potential buyer for Lyft's ride-sharing business. According to the New York Times, the San Francisco-based company has been trying to sell itself to everyone from Apple and Google to Amazon, Uber and Didi Chuxing -- albeit without any luck. While the Times notes the company is currently sitting on $1.4 billion in cash and isn't in any danger of shutting down, the fact that Lyft couldn't find a buyer at it's unicorn valuation of $5.5 billion speaks to some of the volatility left in the ride-sharing industry.

Specifically, Uber and Lyft both take anywhere from a 20 to 25 percent cut of each ride, but once you factor in marketing costs or the never-ending stream of free promotions and discounted fares, some of those rides actually net out to zero dollars in revenue for the company. Still, the Times' sources reiterate that Lyft's stockpile of cash is a good indicator that it's not actually in danger of disappearing anytime soon. In May, Lyft also announced plans to test a self-driving fleet sometime in the next year, but Uber is already looking to beat it to the punch.

New York Times

More from Engadget

image beaconimage beaconimage beacon