The Land Transport Authority (LTA) in Singapore has implemented a new policy requiring companies providing ride-hailing services to keep their private-hire cars (PHCs) within the scheme for three years before they can be repurposed or transferred to individuals. This move aims to stabilize the supply of vehicles used for ride-hailing and prevent premature removal from the market.
From February 19, companies operating in Singapore's ride-hailing sector will be required to keep their private-hire cars (PHCs) within the scheme for a minimum of three years before they can be repurposed or transferred to individual ownership. This new policy, announced by the Land Transport Authority (LTA) on February 19, aims to stabilize the supply of vehicles dedicated to ride-hailing services.
The LTA explained that the three-year lock-in period will encourage companies to primarily lease their PHCs to drivers providing ride-hailing services. It will also prevent premature removal of these vehicles from the chauffeured private-hire car scheme, ensuring a consistent supply for point-to-point transport needs.In contrast to PHCs, taxis cannot be sold or converted into private cars. The LTA initially intended to announce the new requirement after the Certificate of Entitlement (COE) bidding exercise on February 19. However, an unintended release of information by the LTA's information technology vendor, NCS, brought the policy change to light prematurely. Some industry players were notified of the three-year lock-in period before the planned announcement. To maintain transparency and fairness, the LTA decided to implement the policy immediately, effective February 19, before the close of the COE bidding process. The requirement applies to vehicles registered by businesses as chauffeured PHCs, vehicles converted by businesses for chauffeured PHC operations, and vehicles transferred from individuals to companies for chauffeured PHC use. Vehicles with COEs secured before February 19, registered by companies as chauffeured PHCs, are exempt from this rule. The policy does not affect chauffeured PHCs owned by individuals, who typically utilize them for both ride-hailing services and personal trips. As of January 2024, the PHC population in Singapore, encompassing both chauffeured and self-drive rental cars, stands at 90,882 units, representing an 11.2% increase from 81,754 units at the end of 2023. This new policy is part of the LTA's ongoing review of the point-to-point transport sector, which began in 2023. The review aims to address issues related to the availability and reliability of taxis and PHCs, following actions taken in 2024 to enhance these aspects.
SINGAPORE RIDE-HAILING PRIVATE-HIRE CARS LAND TRANSPORT AUTHORITY THREE-YEAR LOCK-IN POINT-TO-POINT TRANSPORT COE BIDDING CERTIFICATE OF ENTITLEMENT
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