Lyft starts a business travel brand, escalating its Uber rivalry
Lyft has launched a new business travel brand called Alcove, which offers premium chauffeur services to compete with Uber's similar executive offerings. The move signals an escalation in the rivalry between the two ride-hailing giants for the lucrative corporate travel market.
Why it matters
This expansion highlights the strategic pivot of ride-hailing companies toward high-margin corporate services to drive profitability.
Lyft is starting Alcove, a new brand aimed at business travelers. Paul Bersebach/MediaNews Group/Orange County Register via Getty Images Lyft is starting a new business-focused ride brand. Alcove will offer chauffeur services using a company that Lyft acquired last year. Both Uber and Lyft are betting big on the upscale business travel market. Lyft is creating a new brand to target the business travel market. The division, called Alcove, will combine new corporate travel offerings with UK-based TBR Global Chauffeuring, which Lyft acquired last year for the equivalent of $110 million. Alcove will provide "the highest levels of service" with "great chauffeurs," Lyft CEO David Risher said in a statement Thursday. "Like the bridge instead of the tunnel? Prefer 72 degrees? Want the rear window open just a bit? That's what Alcove will offer," he said.
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