Lyft plans to kill off surge pricing in an attempt to boost its rider numbers. On the company's second-quarter earnings call, CEO David Risher admitted the controversial practice is a "a bad form of price raising" that riders loathe "with a fiery passion."
Surge pricing, which Lyft calls Prime Time, typically kicks in when there aren't enough drivers to meet demand. The idea is that off-duty drivers will smell an opportunity to make more money and be more inclined to hop in their car and work for a while. However, riders by and large do not like surge pricing at all.