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Why Uber and Lyft rides are more expensive than ever

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The cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January 2018 and July 2021, according to Rakuten Intelligence. Many riders have also noticed increased wait times for rides. The main reason is a shortage of drivers.

In early July 2021, Uber and Lyft drivers were about 40% below capacity. The companies have taken notice, and are investing millions worth of bonuses and base rates to convince drivers to return. But to turn things around, these ride-sharing companies might need to do even more to convince drivers to return.

“The companies don’t really look at us as human beings, and they just consider us as profit,” says Ben Valdez, a driver and volunteer…



Source cnbc.com

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