SINGAPORE - The one-month extension to circuit breaker measures could have a devastating impact on the motor trade and transport sector, both of which are already reeling from a downward spiral in demand.
Despite financial aid from the Government, taxi operators and ride-hailing firms such as Grab and Gojek, several thousand drivers have given up driving. Prof Theseira, who is also a Nominated MP, said the structural correction will address an oversupply of vehicles. On the motor trade front, car dealers are facing a mounting inventory of vehicles sitting at port premises and third-party facilities, incurring storage costs and deteriorating by the week.
A manager at a listed motor firm said:"There is more uncertainty now, since we may be looking at missed COE tenders in two months, with no word on when bidding will resume.A senior executive at another listed motor firm said operating expenses are mounting."We have pre-owned cars which are depreciating," she said."And we are still housing our Malaysian technicians.
Industry players point out that further expenses will be incurred to spruce up vehicles which have been in storage for two months.
Source: Car News Wire (carnewswire.net)
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