Lyft's Risher calls Waymo partnership 'just the start'

[Car for hire with a Lyft sticker. Lyft and Uber have replaced many Taxi cabs for transportation with a smart phone app I]
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Speaking on CNBC Wednesday, Lyft (NASDAQ:LYFT [https://seekingalpha.com/symbol/LYFT]) CEO David Risher said the Waymo (GOOG [https://seekingalpha.com/symbol/GOOG]) partnership to offer autonomous ride sharing [https://seekingalpha.com/news/4495672-lyft-partners-with-waymo-to-offer-autonomous-ride-hailing-in-nashville#scroll_comments] in Nashville, was “just the start” for the company.

“We have all the demand Waymo needs to keep their cars moving,” Risher said.

The partnership launched Lyft (NASDAQ:LYFT [https://seekingalpha.com/symbol/LYFT]) shares higher while at the same time weighed down shares of rival Uber (UBER [https://seekingalpha.com/symbol/UBER]), which has its own AV ambitions.

So why would Waymo (GOOG [https://seekingalpha.com/symbol/GOOG]) go to Lyft (NASDAQ:LYFT [https://seekingalpha.com/symbol/LYFT]) to keep its AV on the road when it can create its own ride-sharing app?

“Lyft’s industry-leading fleet management system is unique,” Risher said, adding that there is a significant amount of work and investment that goes into the development of a ride-sharing app.

At the same time, a partnership with Waymo (GOOG [https://seekingalpha.com/symbol/GOOG]) is profitable for Lyft (LYFT [https://seekingalpha.com/symbol/LYFT]) as it creates a new revenue stream without the cost of drivers.

So, does that mean Lyft (LYFT [https://seekingalpha.com/symbol/LYFT]) will eventually go full driverless?

“Not happening anytime soon,” Risher assures, as there are still opportunities for Lyft drivers besides a taxi service, i.e., tour guide and restaurant deliveries.

Additionally, the company’s “Lyft Ready” ecosystem allows independently owned AVs to join the Lyft platform to provide rides to the public and provide an income to “Lyfters.”

The Lyft/Waymo partnership drove Lyft (LYFT [https://seekingalpha.com/symbol/LYFT]) shares to their highest level in more than 3 years with a gain of as much as 16%.

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