Lyft reaches adjusted profitability milestone despite continuing net losses

Today after the bell, U.S. ride-hailing company Lyft reported its second quarter financial performance. In aggregate the company’s performance was a rebound from the year-ago second quarter, which was heavily impacted by the onset of the COVID-19 pandemic and resulting lockdowns in the United States. Lyft also managed to produce positive adjusted EBITDA in the […]

Nikola cuts delivery outlook for its electric semi trucks

Nikola, the electric truck startup that went public via a SPAC merger, warned Tuesday that supply chain constraints are causing numerous delays forcing it to slash its vehicle delivery projections in half. The company, which is still in pre-production, said in its second-quarter earnings call that its plans to produce 50 to 100 electric semi […]

Tesla’s quarterly profit surpasses $1 billion

Tesla reported Monday an eye-popping $1.14 billion in net income in the second quarter, results that blew past analysts expectations and marked the first time the company’s quarterly profit (on a GAAP basis) has passed the three-comma threshold. The results pushed shares up more than 2.2% in after-hours trading. Tesla was able to beat expectations […]

Rivian is planning a second U.S. factory

Rivian, the Amazon-backed electric automaker that aims to be the first to bring an EV pickup truck to market, plans to open a second U.S. manufacturing factory, sources told TechCrunch, confirming an earlier report from Reuters. Rivian wouldn’t elaborate on when it planned to build the factory, but did confirm it was in the process […]

Uber Freight acquires Transpace for $2.25B

Uber Freight, the logistics business spun out of Uber in 2018, has acquired Transplace for about $2.25 billion from private equity group TPG Capital. The deal announced Thursday will involve $750 million in Uber stock with the remainder in cash. The acquisition of Transplace marks a ramping up of Uber Freight’s business as it aims […]

Argo, Ford to launch self-driving vehicles on Lyft’s ride-hailing app

Autonomous vehicle technology startup Argo AI and its backer and customer Ford plan to launch up to 1,000 self-driving vehicles on Lyft’s ride-hailing network in a number of cities over the next five years starting with Miami and Austin. The first Ford self-driving vehicles, which are equipped with Argo’s autonomous vehicle technology, will become available […]