Lyft cuts fares by 1 per cent, plans to add 100 new cities

San Francisco

LYFT Inc, the No 2 US ride-hailing company, plans to boost the number of cities it covers to 300 from 200 by the end of 2017 while cutting prices to attract more customers.

Neither Lyft nor top rival Uber Technologies Inc is making money in the United States as they compete for driver-and-rider loyalty. Uber covers more than 75 per cent of the US. Lyft says that its network reaches 55 per cent of the population, and that will rise to about 72 per cent after the expansion, which begins this week with the addition of 40 cities.