Lim Jit Poh, chairman of ComfortDelGro Corp expects to spend around $6 billion to replace the bulk of its existing fleet of buses and taxis running on conventional fuel to electric vehicles, according to The Straits Times.
“The evolution of the electric environment promises to open up avenues and opportunities for new business growth,” said Lim at the company's 20th-anniversary dinner, according to the Straits Times report, which did not specify the time frame this $6 billion is to be spent.
Lim, according to ST, is also “seriously looking" at re-entering the vehicle distribution business which was given up more than two decades ago.
The company, known to be one of the largest land transport operators around, is also mulling diversification into sea and air transport as well as the logistics business, said Lim.
Separately, ComfortDelGro has set aside $30 million to develop autonomous driving capabilities.
Alluding to its share price that has struggled to rebound even after the pandemic, Lim warns that ComfortDelGro will face a future which is tougher than that it faced in the first 20 years.
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“The tasks ahead are therefore very urgent and crucial for our survival. We cannot afford to sit still. I am confident that we have the right resources to confront the challenges that stand before us," said Lim, according to ST.
