BloombergThe use of ride-hailing apps is declining in China as operators scale back incentives for drivers, contributing to the slowdown in vehicle sales in the world’s biggest auto market, Sanford C. Bernstein & Co said in a report yesterday. Total daily active usage across ride-hailing apps in the third quarter of this year fell 6.3 percent from a year earlier, marking a fifth consecutive quarterly drop, Bernstein said, citing TalkingData figures. “Driver density is a key determinant of user wait times and the perceived convenience ride-hailing services offer,” Bernstein analysts, including Robin Zhu (朱鑌), wrote. Could the ride-hailing industry be ‘disrupted’ by the lesser availability up of cheap capital, before it can ‘disrupt’ car ownership?” it said. China’s auto market is experiencing a prolonged slump that has dragged down the global EV sector, as the country accounts for about half of the world’s sales of electric vehicles.
