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Tag: cab

  • Singaporean firm’s taxi joint venture in Vietnam suffers losses

    Singaporean firm’s taxi joint venture in Vietnam suffers losses

    ComfortDelgro Savico Taxi, a joint venture between a Singaporean transport corporation and Vietnamese motor vehicle dealer, lost $103,000 last year. This figure is mentioned in the latest financial statement published this month by local retail, motor vehicle and parts dealer Savico, the Vietnamese joint venture partner. ComfortDelgro Savico Taxi has been in constant trouble in the last few years. After nearly ten years of operation, the joint venture had to restructure and upgrade its fleet to maintain an exploitation rate of 90 percent, which meant heavy investments.

    However, just when it was becoming profitable enough to offset cumulative losses of the previous years, the joint venture met fierce competition from ride-hailing start-ups Grab and Uber.

    Savico decided to close the taxi firm’s operations last March to preserve its capital. At closure time it had 352 cars but only 140 drivers.

    Following the joint venture’s closure, ComfortDelGro’s revenue in Vietnam fell to $3.3 million in 2018 compared to $6.8 million the previous year, down by more than half.

    ComfortDelGro’s Vietnam earnings now account for less than 1 percent of its total revenue. The firm also has business in Singapore, the U.K., Australia, China and Malaysia.

    According to financial statements, ComforDelGro’s non-current asset value in Vietnam has also fallen from $12.8 million in January 2017 to only $4.8 million in 2018.

    Although the Singaporean transport firm’s management did not give a reason for the fall, experts have not ruled out the possibility that it has already liquidated all its long-term assets in the joint venture and is waiting to complete dissolution procedures.

    ComfortDelgro Savico Taxi, formerly known as Tourism Taxi Savico Enterprise, was established in March 2005 as a joint venture between Savico (40 percent) and ComfortDelGro (60 percent) – a leading public passenger transport operator in Singapore.

    ComfortDelGro still owns a 70 percent stake in another local taxi firm called VinaTaxi, which takes up the third largest market share in the HCMC taxi market.

    However, last November, its Vietnamese partner, the Transport and Industry Development Investment Corporation (Tracodi), withdrew its 30 percent stake from the joint venture, citing poor business performance.

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  • Isuzu To Increase Prices Of The D-Max

    Isuzu To Increase Prices Of The D-Max

    Isuzu Motors India has announced to increase the prices of its commercial pick-up range- the D-Max Regular Cab and the D-Max S-Cab. The company has decided to increase the prices by 2 per cent which will be effective from April 1. Following a series of price hike by carmakers like Mahindra, Tata Motors, Renault and Nissan, even Isuzu has made the price hike announcement citing similar reasons. The company has cited rising input costs and distribution costs as the reason for the increase in prices.

    It has become a common practice for automakers to adjust prices of select models at the beginning of a financial year in a bid to sustain their margin. Isuzu has increased the prices of its commercial range which means only the D-Max pick-up trucks will get more expensive. The Isuzu D-Max V-Cross which is more of a lifestyle vehicle will see no change in the prices.

    The D-Max Regular Cab and the S-Cab are priced at ₹ 7.40 lakh and ₹ 8.89 Lakh, respectively (all prices ex-showroom, Delhi). Both the pick-up trucks are powered by a 2.5-litre, four-cylinder, turbocharged engine which churns out 78 bhp and 176 Nm of peak torque and is mated to a five-speed manual gearbox as standard.

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  • Tiffany & Co turns yellow cabs blue

    Tiffany & Co turns yellow cabs blue

    Tiffany & Co has turned New York City’s yellow cabs to the jewellery brand’s trademark eggshell blue.

    Seven locations across the city have also been given the blue treatment, inspiring an Instagram scavenger hunt.

    The move celebrates chief artistic officer Reed Krakoff’s first jewellery collection for the label, themed around the iconic moment from the movie Breakfast at Tiffany’s in which Audrey Hepburn’s character stands in front of the store’s window with a coffee and croissant.

    The Atlas clock at the Fifth Avenue flagship store has also been transformed into a digital screen featuring behind-the-scenes footage and vignettes from a campaign film.