Expansion into EV Rentals: Ryde Group Ltd is entering the electric vehicle rental market in Singapore to meet the rising demand for eco-friendly transportation and enhance its mobility platform.
Partnerships for Vehicle Access: The company is collaborating with Guan Chao Holdings Ltd and Singapore Electric Vehicles Pte Ltd to secure access to up to 400 EVs within six months, ensuring priority supply and flexible financing.
Commitment to Sustainability: Ryde's CEO emphasized that this move reflects the company's dedication to sustainable growth, aiming to reduce costs for drivers and create long-term shareholder value.
Driver Training Initiatives: Ryde is also focusing on training programs to help driver-partners expand their career opportunities beyond the platform, including upskilling in facilities and security.
Ryde Group Ltd is an investment holding company. The Company, through its subsidiaries, provides mobility and quick commerce solutions to its consumers. It is a technology-driven platform that offers mobility and quick commerce solutions to its consumers. The Company has two core businesses, namely mobility and quick commerce. Its mobility business segment provides flexible and scheduled carpooling and ride-hailing services, matching riders with its network of driver partners. Its ride-hailing services allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance bookings and multi-stop options. Its different service offerings include RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE, and RydeTAXI services. Its quick commerce business segment is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through its driver partner app.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
