Knight Rider is planning to rake in $2.8 billion in the first half of 2019, up from $1.8 million in the previous fiscal year, as it pushes to increase its profitability, Chief Executive Officer Eric B. Knight said Monday.
Knight Rider, which sells premium rides to U.S. travelers and travelers in other countries, will report its fourth-quarter financial results on Tuesday.
Knight Rider reported a net loss of $1 million, or 48 cents a share, in the third quarter, its biggest in seven years.
The company, based in Denver, Colo., has struggled to gain traction with consumers, with its most popular rides in Europe and Japan declining in popularity.
Knight is also struggling to attract more international customers to its more expensive, more luxurious rides, which it says attract more adventurous travelers.
The company has also faced competition from Uber Technologies Inc., a ride-hailing service that offers rides in more than 200 countries.
Knight, which operates in several countries, has struggled as more Americans flock to ride-sharing services, including Lyft Inc. and Sidecar Inc. The Knight Rider ride-share service, which has become the dominant player in the market, has lost customers in the past few years.
Knight is also under pressure from the federal government, which is considering a crackdown on ride-booking companies.
It also is struggling to compete with Lyft’s ride-to-book technology.
The ride-in-person market is growing at a steady pace, according to data compiled by Bloomberg.
But it has been plagued by a shortage of available drivers, and is not as easy to use as online services such as Uber and Lyft.