On Tuesday, Smartcar, the API platform for mobility businesses partnered with ride-hailing company Lyft, Inc (NASDAQ: LYFT) to tackle range anxiety and help electric vehicle drivers confidently accept rides.
Lyft's 'Rides in Range,' which ensures EV drivers only receive ride requests within their current battery range, is now available for EV drivers on the platform with a 20-mile buffer on an EV's battery range to accommodate different driving styles or route obstacles.
Range anxiety is the top concern for EV drivers on the platform.
Accurate and automated ride assignments, combined with EV battery data retrieved via Smartcar, help Lyft drivers take on more trips with confidence, boost ratings, and increase customer tips.
Lyft reported second-quarter topline growth of 41%, reaching $1.44 billion, beating the analyst estimate of $1.39 billion. Lyft's rides grew by 15% to 205 million.
The ride-hailing company remains invested in restructuring activities to unlock value, including laying off 1% of its employees and disposing of assets related to its bike and scooter operations to contain operating costs. The stock is up over 34% in the last 12 months.
Meanwhile, Uber Technologies, Inc (NYSE: UBER) stock has increased 71% in the last 12 months, backed by its diversified offering, which includes food delivery, freight, and same-day delivery services.
Price Action: LYFT stock is up 3.81% at $13.21 at the last check on Tuesday.