The new chairperson of the ride hailing giant Uber’s Asia sector has noted that Uber is here to stay in the big region and his initial comments related to the plans he has are featured immediately in the midst of the several controversies which rocked the brand and its intense battle in the vying market with other formidable and upcoming rivals.
L Brooks Entwhistle who is Uber’s new chief in the Asia Pacific region noted regarding the issues which shook the company in its home country of US and also added that the issues are being addressed and will be patched up where it has experienced an explosion in the rate of growth in the associated region.
Uber faced stiff opposition in its war in the Asian market and the outcome was that it had to sell its Chinese equivalent to the dominating rival Didi Chuxing previously after it faced a loss amounting to a billion dollars annually. The former’s CEO noted that it had great expectations related to the Chinese market.
No “exit strategy”
In the midst of worries that Uber is heading for a similar fate, Entwhistle noted that such a situation won’t have a second chance of occurring.
In the brand’s Singapore headquarters, he noted that there is untapped potential in the Asian region amounting to nearly 20% of the rides which is a huge number and it is an effective market to augment and progress with relation to the given location. Further added was that there is no notion related to exit strategy in the region.
In relation to the prevailing situation associated with the ride-hailing services in Asia, the Uber brand faces stiff competition from local brands who pose a formidable challenge for Uber to tackle.
Malaysian business man Anthony Tan, who is the driving force behind the local ride hailing rival service- Grab has made significant ventures to occupy the top position in some major Asian metropolises, with the main focus given to Singapore he noted. Fundings amounting to billions of dollars were made from the east Asian companies like Softbank and the competing Didi Chuxing.Coming to South Asia, Uber is in the midst of a war with the local rival Ola from India which is also funded by Didi Chuxing.
In further, related to the controversies which rocked its presence in the US, it is significant as to how the brand has failed to capitalize on the potential in the given region and has been deprived of the opportunities which were present for it initially.
However, Entwistle maintains that everything is subject to change and will function smoothly where they are not demoralized by the aspect of losing ground but on the contrary, it is venturing into the aspect of gaining several market regions in the associated countries. Growth regarding the same is inevitable he added.
However, the brand’s Asian competitors are gradually filling up the related void. Grab launched a sub branch in Myanmar in the initial periods of this year while Uber also did the same as well. Experts say that the local companies have more chances of succeeding as they have deeper insight regarding the market.
Mr. Entwhistle also addressed the worldwide presence of Uber by stressing on its huge presence globally. He noted that Uber is a global brand operating in over 600 cities across 77 countries all from several continents. The local markets will also be enhanced and subjected to a major upheaval by its presence and power.
Issues to address
While Mr. Entwhistle who was previously employed at Goldman Sachs has filled in the new role only for 2 months, he noted that the next attention was focused on the country of Cambodia related to its Asian conquest and that further probing and progressing into the prevailing markets is a recipe for stupendous success pertaining to the location.
Apart from the rivalry which it faces from competitors, the brand also has some issues which it has to address related to the harassments, claims of trade theft and disharmony among the executives which have made a negative impact related to the company and it has busy filled in with the role of patching up the issues instead of giving attention to its progress and growth.
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