New or converted chauffeured private-hire cars must be held for at least 3 years: LTA

Companies registering new or converted chauffeured private-hire cars must hold on to the vehicles for at least three years. The Land Transport Authority says the previous flexibility to allow these vehicles to be sold for other purposes may lead to supply volatility. The new rule is aimed at maintaining a stable vehicle supply for ride-hailing services. CNA speaks to Associate Professor Walter Theseira from the Singapore University of Social Sciences' School of Business. He discusses what prompted this change and how it may affect ride-hailing prices.