The Death of Cars Greatly Exaggerated
Remember hearing about how millennials prefer to get around by using ride-sharing services and weren’t interested in owning cars? Like many examples of conventional wisdom – where “everybody knows” something – it turns out to be not completely true.
Census data suggest that although the number of households without cars has increased, the rate of personal car ownership has risen over the last decade. And some ride-sharing companies have begun to struggle. Ride-sharing experiments, like Car2Go, the car-sharing company jointly owned by Daimler and BMW, announced plans to withdraw from the market in half of the cities in North America where it now operates. At the same time, General Motors also shuttered its Maven car-sharing services in eight of the 17 North American cities where it had operated. Both Uber and Lyft, which are both public companies, are now reporting large losses. -more-