Grab reveals caps on car numbers make ride-sharing miserable
Asia's superapps have have hopped on to a hot new trend in the tech industry: workforce reductions.as a"strong third quarter that reflects [the company's] accelerated path to profitability."
"We're heartened by the demand recovery trends we see in many of our markets. Economies have opened, travel has resumed, and people are heading back to offices," TanHowever, all this positivity didn't save the Singapore-based company from saying it would cut costs. Execs said those cuts would come from reducing fixed costs and being more strategic on incentives and discounts offered to users.
He added that Grab"remained optimistic about Southeast Asia's growth prospects that are underpinned by a rising tide of digitalization and an expanding consumer class."In other news, Grab has revealed in its quarterly earnings call why it believes it believes it's been so hard recently to catch a ride in the Philippines and Singapore – and it's not due to a shortage of drivers.
As for Singapore, Hungate pinned the issue on the supply side of vehicles, thanks to the city-state's policy of capping the number of vehicles on the road by requiring a special and costly certificate to drive them. The ten-year certificateThe high cost of certificates also means most locals rely on a combination of ride-sharing apps, taxis and public transportation to travel. That's good for Grab until it isn't.
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