Local car subscription service company looking to acquire BlueSG

They are in advanced talks.

Joshua Lee | February 02, 2021, 10:07 AM

Follow us on Telegram for the latest updates: https://t.me/mothershipsg

Local transport and engineering group Goldbell might be acquiring BlueSG soon.

The Straits Times reported that both parties are in "advanced talks" for the takeover.

According to ST, discussions had been going on for about a year, and the parties have struck an in-principle deal.

The paper added that BlueSG's losses had been increasing in past years — S$3.4 million in 2017, S$7.3 million in 2018 and S$9.3 million in 2019.

Singapore University of Social Sciences (SUSS) transport economist Walter Theseira told ST that the alternatives to BlueSG in Singapore — public transport and private transport services — are "too good".

The cars are also too small for families, and using them for private-hire services is prohibited.

BlueSG is the first electric car-sharing service in Singapore.

It has a fleet of 670 electric cars, 1,500 charging points, and 80,000 subscribers in Singapore, ST reported. It is currently the only point-to-point car sharing service in Singapore.

Goldbell operates St33r, a fully-digital car-subscription service which launched in Dec. 2020.

Top image by Joshua Lee.

Totally unrelated but follow and listen to our podcast here