Shariot’s woes reflect rough road for car-sharing in Singapore: observers
High and fluctuating costs, small scale and operational difficulties may have been factors
Add BT as a preferred source
[SINGAPORE] With Shariot being the latest car-sharing venture to run into trouble, observers say that extremely high costs, difficulties in driving usage, and compelling alternatives mean car-sharing continues to be a tough business in Singapore.
On Wednesday (Nov 27), Shariot and eight related companies – including two other car rental services, Autobahn Rent A Car and Shinsei Rent A Car – were confirmed to be exploring restructuring options, with debts of around S$180 million.
Electric-vehicle car-sharing outfit BlueSG laid off staff and paused for an operational revamp in August, while Smove, which boasted the largest car-sharing fleet in 2018, went into liquidation in 2020.
TRENDING NOW
Haidilao co-founder’s family buys second bungalow in Cluny Hill for S$85 million
From hawker stall to Enterprise Award winner: How Han Keen Juan scaled the Old Chang Kee empire
Ban on land sales, new launches for developers that deliver ‘defect-ridden’ projects
Xi Jinping has just rewritten the rules of US-China rivalry
