Lyft Invests $100 million to Improve, Expand Citi Bike in New York City

New York City is getting more bikes on the streets, thanks to a new agreement. NYC Mayor Bill de Blasio announced the city reached an agreement with Lyft to dramatically expand Citi Bike including a $100 million investment to improve and strengthen the system – which includes doubling Citi Bike’s service area and tripling the number of bikes in the next five years.

As a part of the deal, Lyft will continue to expand Citi Bike’s transportation equity efforts, including expanded investment in the $5 monthly bike share memberships available to all SNAP recipients and NYCHA residents.

“We are thrilled to partner with New York City to support and substantially grow North America’s largest bike share system,” said Lyft Co-Founder and President John Zimmer said. “Together with NYCDOT, we will improve mobility in New York City through an equitable expansion of new and existing technologies. Today’s announcement marks a major milestone in Lyft’s growth as a sustainable transportation service that connects communities, and reduces unnecessary driving in urban centers.”

Citi Bike will more than triple in size to nearly 40,000 bicycles, and expand by 35 square miles during the five year period. Lyft will also add 12 new valet stations and increase bike and dock availability in the busiest areas to improve system performance.

“New York City is one of the world’s great biking cities – and it’s about to get even better,” Mayor de Blasio said in a statement.”This expansion means tens of thousands more New Yorkers are going to have a fast and inexpensive way to get around their city. It also means much more reliable service for all the riders who already use Citi Bike. We welcome Lyft’s investment to make Citi Bike bigger and better. We are ready get to work with communities across the city to make this expansion a success.”

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