To find their way to profitability, ride-hailing companies should start by reevaluating the markets in which they operate.
Local governments, like New York City's, are implementing strict legislation on ride-hailing firms which could limit profitability. New York City legislation in August 2019 that extended a limit on the amount of for-hire vehicle licenses issued, in turn restricting the number of drivers available for ride-hailing platforms. Moreover, the city implemented a $17.22 per hour minimum wage in February 2019, which Juno and Lyft fought in court.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: