Lyft is expanding to Toronto, its first worldwide city

Uber updated its ride scheduling feature.                  Getty Images

Uber updated its ride scheduling feature. Getty Images

Lyft said its service would be available in Toronto "to help ring in the holidays".

The company announced Monday that it is coming to Toronto in what will be its first expansion outside of the United States.

It's another move in Lyft's plan to compete with rival Uber, which now is in 77 countries.

Lyft will face competition in Toronto, as Uber already has a presence, and has been operating in the city for five years now.

A spokesman confirmed that Uber will be unprofitable overall, although some cities may break even.

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Now, Lyft is giving Uber a run for its money. Lyft has repeatedly met with London regulators.

Uber has often said its heavy losses were necessary to establish itself in new markets.

Khosrowshahi's comments are also a testament to Lyft's growth.

Toronto city council introduced rules to allow the service to operate legally a year ago.

'The economics of that market are not what we want them to be, ' Khosrowshahi said.

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Reaching that level would translate to annual spending of 700 billion to 800 billion dollars, according to Tsai's projections. Consumer spending in China accounted for 40 percent of the GDP, compared with nearly 70 percent for the U.S.

'We're going in, and we're leaning forward.

But he dismissed the prospect of further consolidation similar to the merger deals Uber struck with competitors in China and Russian Federation.

Lyft is expanding to Toronto. The company says it is now worth $11bn.

In 2017, Lyft expanded to cover around 94 percent of US residents, up from around 60 percent at the start of the year, with multiple new markets added across the country.

In Britain and Brazil, prospects are brightening.

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Uber has 40 million customers worldwide.

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