Homepage / Technology / Ford's Chariot aims to fill NYC transit gaps with ride-sharing shuttle service
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Technology

Ford's Chariot aims to fill NYC transit gaps with ride-sharing shuttle service

Ford is expanding its recently acquired crowdsourced shuttle service called Chariot into New York City.

This is the fourth city the company is now operating in, with the goal of offering cheap shared rides in areas that do not have public transit within walking distance. The company also hopes to lure riders away from buses or subways they find too crowded for their liking.

Ford acquired the San Francisco-based startup in 2016 for a reported $65 million, and it has since expanded from that city to Austin and Seattle. Ford’s ownership has helped Chariot to more quickly expand. In return, Ford has access to a business that may help it participate in the rapid changes happening in transportation, such as the rise of the so-called ride sharing industry pioneered by companies such as Uber and Lyft.

“With Ford, we can scale operations really, really quickly,” Chariot CEO Ali Vahabzadeh told reporters at an event in Manhattan on Thursday.

Ford has intimate knowledge of the vans it provides Chariot, so it offers the benefits of vertical integration, said Ford City Solutions group director Jessica Robinson, in an interview with CNBC. For instance, the company can support vehicle operations and maintenance.

The service will cost $4 per ride, about $1.25 more than a single one-way ride on a New York City subway or bus.

At first it will offer two routes, one that travels through a portion of Brooklyn and another that runs along the east side of Manhattan.They call both areas “transit deserts” where public transit is often not available within a convenient walking distance.

The company plans to have 60 vehicles operating in the city by fall.

Users sign up through an app, where they provide information on their commute, such as time and distance. The app will give them pickup and drop-off locations, along routes Chariot has designed, and times when the next shuttle will be headed toward their stop.

But groups of people of at least 50 can collectively ask for a route to serve their area if they choose.

Unlike Uber or Lyft, it is not quite door-to-door service, and it is not on demand in the strictest sense. Once a route is set up, users check the app to see when a Chariot shuttle will next be in the area and reserve a seat.

The vans already offer WiFi, Vahabzadeh told reporters, and Chariot plans to consider offering other perks for riders. For example, he said, they may begin experimenting with seating arrangements, or offering locations for plugging in devices or stowing bags and coffee cups.

Ford’s business has historically sold vehicles to individual drivers, but ride sharing, and hype over emerging technologies such as autonomous cars, have fed concerns that consumers may yet lose their interest in owning their own vehicles, preferring instead to make use of the patchwork of public and privately owned transit services.

Indeed, Lyft co-founder and president John Zimmer has said car ownership will “all but end” by 2025.

Of course, that claim has its skeptics, but some automakers are preparing anyway.

Ford recently, and abruptly, replaced CEO Mark Fields with Jim Hackett, who has run the company’s “Ford Mobility” segment, a subsidiary charged with exploring autonomy, ride-sharing, and other new concepts.

That division was and still is charged with showing that Ford can keep up with rapid changes, and be a potentially formidable competition to new and potential rivals, such as Tesla, or even cash-rich tech firms such as Apple or Alphabet.

Despite overseeing several profitable quarters, Ford’s stock has languished. Shares hovered around $11 Thursday afternoon. In contrast, Tesla shares were down about 4 percent Thursday afternoon, trading around $330, but have soared 50 percent since January alone. This disparity is despite the fact that Tesla is deeply in debt and delivers just a fraction of the vehicles Ford sells in a year.

Acquiring firms like Chariot is particularly critical for Ford’s future success, Robinson said. Data from around the world indicate that more and more people are moving into densely populated cities, where car ownership tends to be less common.

“The way we have done things in the past is not going work for the next chapter of our company’s future,” she said.

Source: Tech CNBC
Ford's Chariot aims to fill NYC transit gaps with ride-sharing shuttle service

Comments are closed.