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Speed bump ahead: Here’s why it’s innovate or die for ComfortDelGro’s taxi business
Its taxis have been making less daily trips.
The fast growing private hire-car business have been funnelling ComfortDelGro’s taxi earnings, and weakening the taxi industry in general.
According to a report by Maybank Kim Eng, demand to rent taxis have since fallen as evidenced by the decline in the number of taxi licences issued.
“Number of daily trips made by taxi drivers has also declined as commuters adopt new platforms,” the report noted.
The report added that the weakening taxi business should be a wake-up call for the firm.
“We believe CDG will need to respond in a stronger way to the evolving market,” the report said.
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