 cool stage. Yeah. So a key element of this new transportation landscape has been the emphasis on moving away from car ownership to this more shared model. Raj, could you talk a little bit about how how Lyft plans to do that considering that at least at the current time the company still relies on people who do own their cars? Yeah, so I think that first of all we're sitting at a point in time that is unprecedented where this massive industry of automobiles has been built and it happened faster than almost anything from 1900 to 1913. I think it was like 10 to 15 million cars that were built and we built our entire world all of our cities around vehicles and it's been tremendous in terms of the benefits but there's been some downsides around congestion around emissions and what we're realizing is the more vehicles that exist the more congestion there is. You can't just keep adding roads to it. There's two and a half billion people over the next 10 years moving into cities and we're not on a path with the current car ownership model to satisfy people's transportation needs so it's not a nice to have option in our opinion it is a must have option in doing it and it just so happens that it's also a great economic opportunity for consumers that if you look at a car in America it's used 4% of the time, 96% of the time it's sitting around and not being used. It's the second largest expense after housing. You spend more money in the U.S. on a car than you do on food so you don't use it that much you're spending a lot on it it's causing issues in cities there's something that needs to change there which is why we believe shared rides certainly electric vehicles all of that will contribute to this and there's a new model the same way that music has been changed from ownership to access video entertainment has been changed we think that car and auto and transportation is now in that zone as well. Boodle do you agree with that is that that's essentially the the emphasis of M. Is that correct? Totally I absolutely concur with a lot of what Raj is saying I think at the heart of it there are still not alternatives enough out there for people to give up their cars and especially when we talk about urban consumers or people living in cities they still keep their cars because there is no alternative and here we as providers need to really understand consumers and what they use the car for so there are so many different use cases and when we started to now develop a new concept for global expansion we really looked hard into that and we feel that the short rides the e-hailing the ride sharing that is responding to a kind of a now need whereas we are focusing on actively providing an alternative to ownership to make people be ready to give up their cars so therefore also taking out cars of the equation because there is simply too many physical vehicles in the cars right in the cities right now yeah and I mean you mentioned taking cars out of the equation so Lyft of course has bike share and scooter share I realize I'm just earlier this year unveiled that you would be doing a ride-hailing network but do you do you have alternative modes of transportation on the on the horizon we first we are really set on doing something that consumers love so we are not backed up with by a venture cap we are owned by all the cars so the the objective now is just to do it right it's not like a massive you know pushing out vehicles to prove something it is actually doing right by the consumers but we will be totally open for partnerships we believe partnerships and there are certainly more parts of the transportation ecosystem where we would love to tap in yeah because correct me if I wrong with Volvo is partnered with with Uber around autonomous driving but I suppose that doesn't affect M at this point nothing affects M apart from the opportunity we have to impact the way cars are built and that is one of the tasks that that also we have to provide insights to Volvo cars about this new type of consumer that actively have decided not to own a car and that's very different from where automotive companies come from you know Volvo cars have been around for 90 years developing and building cars for one person to buy and use so it was earlier this month or last month actually when Ford bought electric scooter companies spin I'm wondering what's your take on on electric scooters well the other day I was on my way to my hairdresser and there was this young dad who slided up next to the school with the scooter and I can clearly see that that is very attractive so that there is definitely something in the last mile but I'm a walker I walk everywhere and I kind of don't like tripping over the scooters outside my door neither do I kind of very much appreciate being run down by scooter drivers as they use the walkway so there is I put it like this we are early in the face there needs to be a lot of alternatives tested and that I embrace wholeheartedly but there's also you know a lot of stuff that needs to be figured out in order things to be flawless but Raj I mean lift I mean scooters and bikes are definitely part of lifts platform how do you kind of envision all of these forms of transportation coexist in yeah so lift and I think any large scale transportation as a service provider has to be multimodal the consumer has demanded it so we did a test a couple months ago we had a promotion in the US we said ditch your car and at the time we didn't have a full multimodal solution so we put together car sharing from zip car we had bike share at the time we hadn't closed motivate which is the largest bike share now is part of lift in the United States and we added in ride sharing of course and we put all together as a package we thought that there would be a couple thousand people that would sign up we had 150,000 people sign up within a week to ditch their car and to try putting together all these alternatives which today are not seamless in doing it so we are moving from a ride sharing company to a full transportation provider and that also gets that includes especially in Europe it's so important which is transit transit is the lifeblood of a city it is the most efficient way to move large groups of people from point a to point b and it has to be part of the solution even in lift today you can find nearby transit information in fact we use a European company Traffey who's built a lot of the data management to help us on that so we view it as whether you know you're trying to go less than one or two kilometers you could walk for sure you could also and we'll recommend you walk in the application actually you could also use a scooter you could use a bike share and you could use ride sharing and we're seeing that people are trading off and transit in their everyday use and putting it together so it's I think you're going to see 2019 where it's going to get significantly easier by the end of 2019 to stitch all of these modes together than it was right now okay and how does autonomous fit into this so you know a good question that people ask is why autonomous are we doing it just because AI is here and it's the right you know it's the next big hot thing that everyone's talking about if we think about our business around ride sharing every single element that a consumer cares about is impacted positively by autonomous so on safety we know that something like 94% of accidents are caused by human error and so if you can reduce that significantly which we believe in the long run as the technology develops that will have an impact in doing it to is the cost of transportation my guess is that the industry can lower prices by more than half of what they pay today when you have an autonomous vehicle at scale they're right now expensive but they're going to get cheaper over the years and doing it another piece is the experience cars have been developed and built around the driver cars have been developed and built to be the least common denominator to do all the things that you want to do in a day cars are going to move towards the airline industry and become cabins and you're going to have a sleep lift a work lift and entertain lift and there's going to be all sorts of different things you can do there because you're not constrained by the steering wheel and the controls in the driver you can use all of that space and of course another piece that's important is shared rides today lift 35% of rides are shared on the lift platform which didn't exist a couple years ago but it's super important otherwise we're not going to reduce the number of cars and if we can redesign a car so their compartments for people that can have their privacy and safety and security that's something that we can also bring forth with autonomous so do you think autonomous will have or what effect do you think autonomous will have on traffic and congestion so I think a key point as I mentioned is it's not enough in our opinion to just have autonomous cars we believe there are three factors that the world has to move towards autonomous electric which addresses the emissions problem but it's also an economic reason to do it it is cheaper to run an electric car in a fleet like ours maybe not for a consumer but it's cheaper for a fleet and then shared you need to have shared rides cities need to promote shared rides otherwise you can't guarantee that the number of vehicles will go down with autonomous so all three are important to bring together for the next generation solution okay Bodil is autonomous or electric shared autonomous vehicles part of m's future it will definitely be part as that technology becomes available our global world of cars global CEO today said that we shouldn't overestimate the difficulties in introducing autonomous drive I think the Raj spoke to a lot of the benefits of autonomous driving when it's finally there I think also in a business like the one we are looking upon there are other user cases which are really attractive like thinking that cars would actually go out or your physical or visible space like come to you when you need it and then quietly and safely go away in park so imagine autonomous drive also being used in in other situations not only to drive yourself or being in the car but just as a support to you because I think finally we would like to see less cars around us and just have like more space right absolutely yeah and I mean so there was a study in in san francisco last month that said that that uber and lyft contributed to more than 50 percent of the increase in traffic since since 2010 so would you say that autonomous is part of maybe is part of lyft's effort to reduce that just kind of what you were saying around these shared electric autonomous rides and maybe scooters and bikes also fitting into there I think that integrating multiple modes of transportation is important so this is we've also seen that people are choosing bike sharing and scooters and that's a way to also get large automobiles off the street as well and then we're we have a goal that by 2020 more than half of all lyft rides will be shared and we're at 35 percent and we have line of sight to get there the way to get there is to have the more people that use a service the more density there is the more likely you can pick up people along the way the other thing we've done is introduce the concept of walking into the ride which is a you know amazing people didn't think about this but the idea is that if you can get several different people along the route to walk you don't have to do a point to point detour and you can make it a lot more efficient and you can lower the cost and also lower the number of vehicles that are there but you know as far as there are studies that come out in both directions in terms of what the impact is on a city so I don't think we fully understand what it is there's a lot of variables that are there but the most important thing is that we all do have to work on solutions to reduce the number of vehicles everyone is in agreement on that and I mean how do you generally incentivize people to take these shared rides as opposed to just requesting their their own individual either lift ride or m ride so you know the economics are powerful your lift ride if it's shared can be 25 to 30 percent below the price of a normal ride that's probably the biggest driver that's there but what we're finding is when two human beings get in a car they stop looking at their phone and they start talking to each other and there's actually human beings are social animals and what we're finding is that they're having a pleasant experience in a shared ride with some of that they don't necessarily know and that's another factor that people are are actually enjoying the concept of sharing a ride with another human being amazing but it's true I can't say I agree I generally don't like sharing rides but maybe an introvert I am it's true but Bodle how do you how do you kind of kind of see shared rides fitting into this and incentivizing people to take them people like me maybe who just who just want to look at their phone I don't agree I mean go to any restaurants and even people knowing each other they are sitting fiddling with their phone so I don't believe in in the social aspect of share ride I do believe that share ride is the biggest problem because autonomous won't deal with the number of cars as long as we are still one person in a car so I think there's a fundamental shift of understanding and supporting people to understand the different modes and that's it's a very very important thing and what is really needs to be bumped up is good public transport that's the that's the the biggest part of it because it's it's that number of people that now live in in the metro in the big cities around the world is just gigantic I think also the risks you know a situation today where a lot of the largest cities get such an influx of cars to serve the the cities during daytime so that is even more of a problem for us it's it's really about enabling a part of our behavior that is we see not yet a good alternative out there and I would argue that there are alternatives for what we want to provide you know to become an alternative to ownership we have tested everything that is out there and it's so clear that that it's we are still early days and that is why we also believe that even a small actor like like m can provide something as long as you understand something critical about the consumer and address something that is you know making them reconsider their current behaviors yeah and I mean Emma is definitely a bit of a of a latecomer to to ride hailing I mean how do you plan to differentiate yourself from the likes of Lyft and Uber and the ones that have really already gained quite a lot of market share well the first thing is that we aim not compete in in the areas where you are strongest the the the e-hailing and the the short trips we see that that is very very much answered to those needs are answered to what we see is the way you use your car when owning one is a very different from the one that is driver supported or yeah primarily driver supported or even the shorter rides you you use cars in very different situations when owning one it and their that behavior is what we are really digging deep into that's also something we have really a lot of experience on given where we what our owners have been doing for 90 years and then when looking at the alternatives we see that that there is very rudimentary services out there they are and I think people don't give up their cars because there's still nothing good enough you know it's both in terms of dependability to really become dependable but then it's also you know what do you expect from a really good service it's not just a car from a certain time you have bigger expectations if you are ready to give up your own car okay but so but you were saying that that really you're you're targeting people who are who are owning their cars but I mean Lyft and Uber drivers they often own their cars granted like Lyft and Uber have some leasing leasing options available but I guess yeah could you elaborate a little bit more on how on how it'll be different I mean a lot of us use the e-hailing and ride sharing services and own a car still we have been we have done so many studies and people all over the world actually in all the metros are now at the place where they rather keep their own car parked and use another service because they know that the difficulty of finding a new parking space would they come back after having used their own car so there is something like totally locked in but they need their car for certain things in their life could be their hobbies could be their children it's about life ultimately and what you do in your life what are the things that are important to you your family children hobbies things you do go and see people use you pick up several you know kids on the way to hockey training or you go and stay with friends for a while so a lot of the use of cases you actually want to to bring your own car not go with a driver for example and you keep your own car for those those times or those events and it's so few it's totally as Raj say the private cars aren't used it's just they are just standing idle for a very very short time but people need that certainty or like they want to to know that if I need a car I need to get one and also it's very you know they're not really on the level of service that you can expect okay so I mean so it sounds like your target your target consumer for M's ride-hailing network is people who already own their cars but maybe don't want to use them quite as often also people that do not use them but want the freedom that a car can provide okay but I mean but couldn't they also just use uber or lift because there are different behaviors because we don't always I use uber and lift another for certain rights but I use I don't I gave up my car when I got this job so I can't say I I have my opada use other services now for other ways of moving around okay okay and I know that this is probably a few years out well at least at least a few years out but let's get into flying taxis um Raj I know so you're one of your competitors uber at something that that they're talking about what's what's your stance on flying taxis especially as you think of this like multi-modal platform yeah I mean I think the concept is definitely interesting the the science seems to be there I think that we're far away from the entire system to be able to work at a price point noise issues and then of course there are rights of way issues that have to be resolved so I would bet that we'll see self-driving cars scale up before we'll see flying cars scale up as an opportunity in fact one of the things is we are live in Las Vegas with the largest autonomous self-driving fleet right now we've done over 20,000 rides and consumers love it it's been rated about 4.95 out of five stars over 90% would come back and do it again so we're seeing in 2019 it'll be a slow rollout but it's starting self-driving cars are starting to come out and one point around self-driving is that it's a lot more economical for a service like Lyft to launch it because self-driving cars are not going to work in all conditions all time when they start they can basically do block by block city by city there are certain scenarios they can work so we when a consumer hails a ride we can decide if it's safe to send out an autonomous vehicle or to send out a driver it's like a hybrid network just like if you were a 4g operator and you have 5g you can put a few 5g towers because you know you can fall back on 4g we have drivers and autonomous so we will see that rollout well before we see things like flying cars in my opinion it's fair but all probably true all the way it would be cool it would be really cool but yeah we'll see we'll see if we get there um all right i'm gonna take a few questions from the audience thanks to good ol slido um so what about the role of insurance in in self-driving vehicles and liability yeah how do you know there are going to be massive changes first of all just to take a broad view on this transportation in the us alone is a two trillion dollar opportunity when you look at all the businesses that are going to be impacted by the move to self-driving insurance um auto financing um even things like organ donation uh because there's less accidents there's less organs that are going to be the right when you add up all those effects it's another two point one trillion dollars is what we estimate which includes a fundamental restructuring of insurance because right now our premiums in the entire industry is geared towards a relatively high accident rate which we are not going to see going forward into this new world so every industry gas stations auto repair insurance everything is going to be restructured in this new world and we're going to see insurance have to change and accommodate as well i think the liability question is going to remain just like most liability product liability questions that are there who's responsible for the product you know and it's and if it is Lyft who owns the vehicle that we're going to look back and say just like in a car where in the supply chain was there a problem if there is a problem that autonomous vehicle and that responsibility will be there amongst the shared parties and going forward so i don't think there's any magical difference uh that's there it's that now you are getting a service and whenever you consumer service there is a liability question and the provider of that service it's either them or the supply chain that's responsible to be the same thing is any any thoughts to add or well volvo cars said some years ago that the day that volvo cars will be fully autonomous volvo will take liability and i think from a safety point of view i think it's interesting already today when we talk to the cities that are now our aim to launch they see very positively to get a service with volvo cars that has so much higher um safety um because of the the technology that we have been in in developing over many many years and that is actually part of the the journey towards autonomous yes and so when when launching these new technologies whether it's um ride heling or autonomous what are your what are your conversations like with with cities and start with you about all they are amazingly open-minded and they do see the situation with the complex situation today with transportation with a lot of cars coming into the cities private cars being underused and they want to see more options and most importantly they want um providers like us and others to work with them and that i think is is absolutely paramount because it's such a big big change we are uh that we have ahead of us and they all state that we've been trying to build ourselves out of this now for 50 years and it's not working so we need to find uh different ways and in this um in this for me it's really critical to be humble about what you do and not just flood the city with another 400 cars that is you know already really really um weighing under the the the burden of too many cars at the same time at the same plies but but really listen to what what is the consumer looking for what how can we help what is broken that is not yet uh solved and talking and working closely with cities Raj what's what's your approach to to working with cities so um our founder Logan the CEO um had worked when he was in college and people were out at beer parties he was actually on the transportation board of the city trying to help them figure out how to run buses more efficiently so it's been in our DNA to really partner and work closely with the city and try to solve this problem because we can't do it alone there's no way it impacts the community so much so in 2012 when we introduced peer-to-peer ride sharing it wasn't allowed in any city or any state in the country and we had to work collaboratively to get all 50 states on board and work closely with every city to help redefine what the rules are it took a while this time we're seeing with scooters and bikes um and other forms of transportation and autonomous we're seeing a very open and fast moving city much faster than was in 2012 because they recognize it's not just about innovation they have a problem to solve they know their city's growing they can't have more cars and they need to work with companies uh to solve that so we're seeing a very different stance and we've been absolutely working with them on for example scooters every time we're working them on permits and helping them understand how to roll that out we view the same thing around autonomous as well so it is i think the entire industry whether a startup or a large auto manufacturer has realized you need to be working together on this it's it's not an option to be rogue absolutely we are unfortunately out of time but thank you for joining me thank you thank you thank you