Business Development Asia LLC
South East Asian Automotive News
Issue 4, December 1997
SINGAPORE
Chrysler Corp. has opened a regional headquarters in Singapore to administer to the whole of the Asia-Pacific region. Although Chrysler does not expect this year's sales to exceed the 78,000 units sold last year, the company is looking to increase sales in the region to 150,000 vehicles by the year 2002. (October 28th 1997)
Comfort Group Ltd, Singapore's largest taxi operator, is purchasing 50 Mercedes-Benz sedans. This move follows the introduction of Mercedes to the cab market in Singapore by CityCab, another local cab company. Both companies have stressed the demand for the luxury car by affluent customers. (October 29th 1997)
Cycle & Carriage shares have decreased in value from a high of S$18.10 to S$7.10 partly due to higher car duties and a tightening of car loans within Malaysia. Although Cycle & Carriage's associate in Malaysia contributes only 15% of total earnings, the austerity measures instituted there served to further erode confidence in the parent company. (October 21st 1997)
Komoco Auto, a Hyundai, Chrysler and Harley-Davidson distributor, C&P Rent-a-Car and Goldbell Leasing, have all recently delayed plans for initial public offerings. They cited market conditions as unfavorable for IPOs. (October 21st 1997)
Recent News: Indonesia, Thailand, Malaysia, Philippines, Vietnam, Regional Focus: Fast Moves in South East Asia
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