No fare hikes for now, Bolt on US tariff impact on Malaysia
Pricing in bulk is generally automated, we aim to balance the demand for rides with driver supply, fulfilling requests based on specific criteria set, says Bolt general manager.
KUALA LUMPUR – Despite rising concerns over the potential ripple effects of the recently imposed US tariffs on Malaysia, ride-hailing platform Bolt assures users that it will not be making any immediate changes to its fare structure.
Its general manager Afzan Lutfi said fares were determined by an automated system that continuously monitors supply and demand trends, rather than external economic pressures.
"Pricing in bulk is generally automated, we aim to balance the demand for rides with driver supply, fulfilling requests based on specific criteria we've set.
"At this stage, we don't see the need to proactively change our pricing structure. However, we continuously monitor supply and demand on our platform and pricing is just one of the many levers we can adjust to optimise our marketplace," he said when met at Bolt’s Aidilfitri Open House, here, recently.
He said this in response to the US government’s decision to impose retaliatory tariffs, including a 24 per cent levy on Malaysian imports, as part of broader trade measures.
Since its launch in November, 2024, Bolt has experienced significant growth, particularly in the Klang Valley.
Afzan highlighted that Bolt entered the market with two key priorities, localisation and a strong value proposition for riders and drivers.
Before the launch, he said the team conducted extensive face-to-face consultations with drivers to understand their needs and preferences.
"Based on feedback, we were able to build and localise our app by spending time on the ground to truly understand drivers’ pain points and needs, using their input to shape our offering," he said.
He said Bolt is also actively forming partnerships with local businesses, starting with a collaboration with Foodpanda that offers discounted rides to its subscribers.
More such alliances are in the pipeline, with another set to be announced soon, he added.
He reiterated Bolt’s commitment to growth through continuous engagement with drivers and passengers to refine its services.
Meanwhile, he said in line with this strategy, Bolt is expanding its premium ride options with Bolt Executive, a new category featuring luxury MPVs like the Toyota Vellfire and Alphard.
He said this initiative aimed to cater to upscale travel demands while providing drivers with additional income opportunities.
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