Lyft Introduces Price Lock to Tackle Surge Pricing

CEO David Risher aims to reduce the most disliked feature in ridesharing with a new subscription model.

Price Lock offers a monthly subscription to cap ride prices for specific routes and times.
Surge pricing, known as Primetime, will not be fully eliminated but reduced in frequency.
The average Primetime fee per ride dropped by 25% in Q2, leading to higher conversion rates in key markets.
Lyft's Q2 revenue reached $1.4 billion, with a record 23.7 million active riders.
Competitor Uber has yet to address similar changes to its surge pricing model.