Search the Community

Slump in Singapore vehicle sales to worsen in 2019: Fitch ** I doubt that would be the case. Most likely they will reduce the quota to improve the road congestion. https://www.straitstimes.com/business/companies-markets/slump-in-singapore-vehicle-sales-to-worsen-in-2019-fitch *********************************************************************************************The contraction in vehicle sales will accelerate next year and hit rock bottom in 2021 despite an improving consumer outlook and a rise in ride-sharing demand, said a Fitch Solutions report yesterday. It noted that the drop in new vehicle registrations will worsen sharply from an estimated 11 per cent contraction this year to 20.1 per cent next year. In the longer term, new vehicle registrations will continue sliding, contracting at an annual average rate of 25.4 per cent over 2020 and 2021 before bottoming out. A rise in ride-sharing demand may also have mitigated some of the pressures during this contraction. However, Fitch analysts said the demand for vehicles from ride-share firms is unlikely to persist to the same extent over the remainder of their forecast period as Uber agreed to sell its South-east Asia business unit to its main rival, Grab. "We believe that this will diminish the pace at which vehicles will be purchased for ride-sharing purposes as there will be less competition and therefore less urgency to expand operating fleets in the country