Some potential reasons for Lyft's high cash burn rate could be due to its competition with Uber for market share. This competition has led both companies to spend heavily on driver subsidies and promotional discounts for riders. Despite Uber's larger size, it only has twice the cash as Lyft, and Lyft's market share has doubled since 2015. This strategy of spending to gain market share has caused both companies to burn through a lot of cash.
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