True. But it certainly isn’t looking like it’s gonna be flixbus.
Based on what?
The only thing that will matter is their ability to bankroll the losses. Below cost selling is a game of financial chicken not who can get the most bargain fare passengers.
The one possible advantage National Express (NX) and to some extent Megabus have is they are established brands. They could massively cut services or routes and restart them at a later date and should get custom back quicker.
Megabus established by offering cheap headline fares but not running entire services at below cost, maybe they had ideas of running NX off the road but that didn't happen and they both moved closer to each other in the price and product offered.
NX and Megabus have for the most part co-existed without too much attempts to price-war each other out of markets in recent years. Co-existing with competitive but profitable revenue is a better long-term strategy for traditional companies.
Flixbus are fundamentally different, they are more similar to Uber than the traditional coach operators, leveraging private equity capital and cheap finance to gain a dominant position where they can skim a high margin from being the main customer portal and franchise owner for coach services.