ABU DHABI/WAM Emirates Development Bank (EDB) has provided AED1.12 billion in financing to the food security sector, representing 8% of its total cumulative financing. Since the launch of its new strategy in April 2021, EDB’s total financing has reached AED14.72 billion, reflecting the strategic importance the bank places on this critical sector. By supporting food security, EDB seeks to cultivate ...
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HONGQI ALTAWKILAT unveils exquisite HONGQI HS3: A new era in luxury SUVs arrives in the UAE
ABU DHABI / GULF TIME HONGQI, the leading luxury automotive manufacturer from China, and ALTAWKILAT, the authorised dealer of HONGQI in the United Arab Emirates, announced the arrival of the latest addition to its prestigious line-up, the HONGQI HS3, marking the model’s first appearance in the UAE in Yas Mall for a 5-day display. This luxury mid-sized SUV is set ...
Read More »GM to bring GMC trucks to China to help boost firm’s ‘flagging fortunes’
BLOOMBERG General Motors Co plans to brings its GMC truck brand to China to help boost the automaker’s flagging fortunes in the world’s largest car market. Sales of its Yukon large SUV will begin there this year, followed by GMC’s expansion to Australia and New Zealand in 2025, GM said in a statement. China remains a critical market for automakers, ...
Read More »Polestar assigned no value by analysts cutting Volvo’s price target
BLOOMBERG Sweden’s Volvo Car AB saw its target price cut by more than a third to a new street low after analysts at SEB AB scrubbed the value they assign to the company’s 48% stake in struggling EV maker Polestar. Volvo Car’s new target price of 28 Swedish kronor per share follows “sizable estimate cuts” and “no longer attributing a ...
Read More »Ford slashes workforce making electric F-150s on weak demand
BLOOMBERG Ford Motor Co said that it would reduce the number of workers making its F-150 Lightning truck as demand for electric vehicles continues to weaken. About 1,400 employees will be impacted as the Rouge Electric Vehicle Center transitions to one shift beginning from April 1, the Dearborn, Michigan-based automaker said. The company said it expects continued growth in global ...
Read More »Honda sees 2024 US sales climbing 10% with boost from hybrids
BLOOMBERG Honda Motor Co expects sales in the US to hit 1.4 million vehicles this year for the first time in three years, fuelled mostly by demand for its hybrid and gas-powered models. The Japanese automaker aims to grow sales 10% in 2024, including as many as 1.3 million Honda brand vehicles and some 150,000 upscale Acura cars and SUVs, ...
Read More »Europe car sales drop in December led by EV slump
BLOOMBERG Europe’s automakers are bracing for slower growth this year after sales fell for the first time in 17 months in December on waning enthusiasm for electric vehicles. New-vehicle registrations declined 3.8% to 1.05 million units last month, the European Automobile Manufacturers’ Association said. Sales slumped nearly a quarter in the region’s biggest market Germany after EV incentives ran out, ...
Read More »Thailand’s EV sales seen doubling as first homegrown models hit market
BLOOMBERG Thailand’s electric vehicle (EV) sales may double this year as Chinese manufacturers prepare to roll out their first locally manufactured models and about $2.4 billion in government incentives boosts consumer demand. New battery EV registrations are likely to top 150,000 by the end of the year, Krisda Utamote, president of the Electric Vehicle Association of Thailand, said in an ...
Read More »Hyundai offers $7,500 cash bonus for EVs to match US tax credits
BLOOMBERG Hyundai Motor Co will give as much as $7,500 in cash bonuses for electric-vehicle buyers in the US, seeking to keep its cars competitive with automakers qualifying for tax credits under President Joe Biden’s Inflation Reduction Act. The discounts apply to the Ioniq 5, Ioniq 6 and Kona Electric, and the month-long incentive will last through January 31, according ...
Read More »BMW’s Brilliance China partner considers selling JV stake, say sources
BLOOMBERG Owners of BMW AG’s carmaking partner in China are considering options to raise funds, including selling the company’s stake in its joint venture with the German manufacturer, according to people familiar with the matter. Preliminary talks regarding Brilliance China Automotive Holdings Ltd’s 25% stake in its joint venture with BMW are ongoing, no final decision has been made and ...
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