Ride-hailing provider Lyft (LYFT) says it plans to open a new technology hub in Toronto, Canada.
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The Toronto hub is slated to open in the second half of 2026 and will be the company’s second-biggest technology center after its headquarters in San Francisco, California. Lyft will have a large office in Toronto’s financial district and will host several hundred employees across engineering, product, operations, and marketing.
Lyft says it is expanding its presence in Canada as it grows internationally and moves beyond its core U.S. market. In announcing the technology hub, Lyft noted that its rides in Canada grew more than 20% in the first half of this year from 2024 levels. Toronto is one of Lyft’s key international markets and the company has had a presence in Canada’s largest city since 2017.
Canadian Footprint
Lyft also operates bikeshare programs across Canada. The latest expansion builds on Lyft’s existing Canadian footprint and aims to attract talent from Toronto’s technology workforce. The new technology hub is being cheered in Canada after the exodus of several American companies in recent months following the imposition of U.S. President Donald Trump’s tariffs.
News of Lyft’s Canadian technology hub comes a day after Detroit automaker Stellantis (STLA) announced that it is moving production of its Jeep Compass vehicle from outside Toronto to outside Chicago, Illinois as it invests a total of $13 billion in the U.S. economy.
Is LYFT Stock a Buy?
The stock of Lyft has a consensus Hold rating among 30 Wall Street analysts. That rating is based on seven Buy, 22 Hold, and one Sell recommendations issued in the last three months. The average LYFT price target of $19.55 implies 2.62% downside from current levels.
