Lyft, the $11 billion Uber rival, is beginning its international expansion. The company announced it would be launching in Toronto, Canada, by the end of this year.
The company, which is in the middle of closing a $1 billion round from Alphabet, has been in hyper growth mode this year, launching in at least 100 additional cities across the U.S. over the last few months.
Now, Lyft is giving Uber a run for its money. New CEO Dara Khosrowshahi said Uber won’t be profitable in the U.S. for at least the next six months because of what Lyft was spending on growth.
“It depends on where the competition goes,” Khosrowshahi said at the New York Times DealBook conference last week. “Right now, we have a situation where Lyft is spending very aggressively to gain share."
This year, Lyft ate into Uber’s marketshare nationally, causing the ride-hail behemoth’s hold on the U.S. to fall from 84 percent to 73 percent.