Lyft drops prices, but riders will have a longer wait

As the coronavirus pandemic has wreaked havoc upon the ride-hailing industry, Lyft on Tuesday said it is launching a new program people that want to pay less and don’t mind waiting a little longer for their rides.

Lyft is rolling out its new Wait and Save program in San Francisco, San Jose and other markets across the United States and Canada. Riders who choose Wait and Save as their ride option will be given a fare that is less than a standard ride if they are willing to wait a little longer than usual for their driver to arrive. Lyft said this will allow for better matches between riders and drivers in a particular area.

The ride-hailing industry has been beaten down since the coronavirus outbreak began, and states such as California enacted shelter-in-place orders that have closed many businesses and reduced the social activities of individuals in an effort to contain the spread of the virus. Along with its main rival, Uber, Lyft has suspended its shared ride option and is only offering rides to single riders or members of the same ride party.

Lyft showed how badly the coronavirus has hit its business when last week the company said it would cut almost 1,000 jobs, and cut salaries across the board in response to the financial problems the company has been facing since the pandemic began. The company is also scheduled to deliver its first-quarter earnings and sales report after the stock market closes on Wednesday.