The Land Transport Authority (LTA) in Singapore has introduced a new rule mandating companies registering chauffeured private-hire vehicles to retain them for at least three years. This measure aims to stabilize the vehicle supply for ride-hailing services and address concerns about market volatility.
The Land Transport Authority (LTA) in Singapore has implemented a new rule requiring companies registering new or converted chauffeured private-hire cars to hold onto the vehicles for at least three years. This change comes after the previous flexibility allowed these vehicles to be sold for other purposes, which the LTA believes contributed to supply volatility in the ride-hailing market.
The LTA stated that the new rule aims to ensure a stable supply of vehicles for ride-hailing services, ultimately contributing to a more consistent and reliable user experience. To gain further insight into the rationale behind this decision and its potential impact on ride-hailing prices, CNA interviewed Associate Professor Walter Theseira from the Singapore University of Social Sciences' School of Business.Prof. Theseira shed light on the factors that led to this policy shift and analyzed the possible consequences for the cost of ride-hailing services in Singapore. His expertise provided valuable perspectives on the complex interplay between regulations, market dynamics, and consumer affordability in the transportation sector
SINGAPORE LAND TRANSPORT AUTHORITY RIDE-HAILING VEHICLE SUPPLY PRICES
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