The ride-hailing industry has revolutionized transportation for millions of people all over the world and it has also grown at a remarkable pace. From 2022 to 2023, the global ride-hailing industry grew at CAGR of 14.8% to hit a valuation of $70.12 billion from $61.10 billion. However, the growth is expected to continue. By 2027, the sector is expected to be worth $122.48 billion with a CAGR of 15%. Here is a look at four ride-hailing stocks that investors could look into at this point.

Getaround (NYSE:GETR) offers an entirely digital ride-hailing experience. Its proprietary cloud and in-car Connect technology make it easy to share trucks and cars. It seeks to wean consumers away from car ownership by providing instant access to safe and affordable cars.

The entire Getaround experience is contactless since customers do not need to wait in line, complete any paperwork, or drop off vehicle keys. The stock had rallied strongly in mid-May after the company announced that it had acquired HyreCar for $9.45 million. It was projected that the acquisition was going to add a run-rate annualized gross booking value of $75 million. It was also projected to contribute to positive adjusted EBITDA.

Since February 2023, the management at Getaround has made it clear multiple times that it aims to hit profitability as quickly as possible. The pathway to profitability largely involves the reduction of costs. The acquisition of HyreCar could be a step in the right direction.

According to Getaround Chief Executive Officer Sam Zaid, HyreCar was a pioneer of the gig car-sharing industry with an asset-light business model backed by risk management and the use of customer data. He went on to add that the acquisition did not only fit Getaround on a symbiotic level but also provided strong fundamentals that would impact both the bottom and top lines positively.

On May 31, GETR announced the launch of its proprietary advanced artificial intelligence model, GetaroundTrustScore v2.0. The model was launched to improve the economics and safety of its car-sharing marketplace.

"We are thrilled to roll out the latest version of our Getaround TrustScore after several months of testing our new AI model to create safer and more desirable carsharing experiences that elevate carsharing from traditional rental models and car ownership," said Sam Zaid, CEO and Founder of Getaround.

Uber Technologies Inc (NYSE:UBER): The world's biggest ride-hailing platform. In the last few years, commercial freight and food delivery have also become significant contributors to its revenues.

Uber Technologies operates worldwide, with a presence in 70 nations and 10,500 cities. The 2023 rally is a function of the company’s strong financial results in the past two quarters. Notable growth had been recorded in the major verticals.

In Q4 2022, revenues soared to $8.61 billion, a y-o-y growth of 49%. The trend continued in Q1 2023, as revenues touched $8.82 billion and delivered growth of 29%. There was strong growth in some of the more important metrics as well. In Q1 2023, gross bookings hit $31.41 billion, up 19% y-o-y.

We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement," said Dara Khosrowshahi, CEO. "Looking ahead, we are focused on extending our product, scale, and platform advantages to sustain market-leading top and bottom-line growth beyond 2023."

Uber also reduced its losses drastically to $157 million in Q1 2023. In the prior-year period, it had suffered losses of $5.92 billion. That was an indication of the strong cost management strategies that had been put in place. Its strong growth, market position as a leader, compelling valuations, and global presence make Uber an attractive choice for investors currently looking for opportunities in the ride-hailing sector.

The stock has performed strongly in 2023, and to date, it has delivered gains of 80%.

Lyft (NASDAQ:LYFT): Lyft is the second-biggest ride-hailing operator in the United States market. In Q1 2023, the company managed to generate $1 billion in revenues through 19.5 million rides. While revenues went up by 14% year over year in Q1 2023, it did come at some cost. The gross margin declined to 45% from 50% in the prior-year period, and the net loss came in at $187.6 million. Lyft tried to control costs, but they went up at the same rate as revenue, and that is largely a function of scale.

However, there are no liquidity problems on the horizon for Lyft. The company reported short-term investments, cash, and cash equivalents of $1.76 billion at the end of Q1 2023. That is also a higher figure than its long-term debt of $793.42 million. That is an indication that the company can pay off its debts.

Additionally, LYFT reported a free cash flow loss of $120 million, and hence, it can continue to be in business for many years without any liquidity issues. Lyft benefited considerably from a rise in driver supply. It was reported that active drivers generated 17% more rides for the company than what had been generated three years ago.

In the second quarter, the management projected revenues to be in the $1 billion to $1.02 billion range. Given its position in the ride-hailing industry, it is another company that may deserve a degree of attention from investors.

DIDI Global Inc. (OTC:DIDIY): The company is one of the biggest global players in the ride-hailing industry. It offers a ride-hailing platform that provides its services in the People's Republic of China, Mexico, Brazil, and other nations across the world. In addition to ride-hailing, DIDI Global Inc. offers other mobility-related services like chauffeuring, hitching, and taxi-hailing. It also offers key auto solutions like refueling, leasing, and maintenance and repair services.

Other services offered by the company include electric vehicle leasing, bike sharing, e-bike sharing, food delivery, intra-city freight, and financial services. In Q1 2023, the company performed strongly and managed to reduce its losses due to higher demand. DIDI Global recorded losses of 1.2 billion yuan in the first quarter, which reflected an improvement of as much as 93% from the 16.3 billion yuan in losses it had suffered in the prior-year period.

The revenues in the quarter hit 42.7 billion yuan, which reflected year-on-year growth of 19.1% from the 35.8 billion yuan in revenues in Q1 2022. DIDI Global experienced rapid growth in daily transactions following a period of muted demand during the Lunar New Year holiday season in January 2023. The company's operations in China make up the bulk of its revenues. The revenues from the market touched 39 billion yuan, which worked out to a year-on-year growth of 18.7%. International business revenues went up 40.7% year on year to hit 1.7 billion yuan.

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