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Uber, Lyft To Offer Free Vaccine Rides Till July 4: WSJ

05/12/2021 06:12
  • Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) will offer free of cost two-way vaccination rides till July 4 under a partnership with the U.S. government to provide a minimum of one vaccine dose to 70% of the U.S. population following a decline in vaccination demand, Bloomberg reports.
  • The government will not be reimbursing the ride-hailing companies for the rides whose business was jeopardized by the pandemic.
  • Both the companies expressed their desire to the government to be a part of the pandemic relief drive.
  • The U.S. government will provide data regarding 80,000 vaccination sites to the ride-hailing companies under the arrangement.
  • The companies had previously offered free and discounted services under the partnership with pharmacies and other groups targeting the low-income and underprivileged communities.
  • The government will hand out additional funding via the Federal Emergency Management Agency from the $1.9 trillion coronavirus relief package to the states to drive their vaccination efforts.
  • The government also announced partnerships between vaccine providers and community colleges towards on-site vaccinations for students, staff, and residents.
  • Price action: UBER shares traded lower by 0.28% at $46.08 in the premarket session on the last check Wednesday.