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2 years ago
Most holidaymakers hire a car when they go on holiday—not if you’re a Saudi billionaire, though. Rather than catching the tube or hailing a taxi, this mega-rich tourist opted for a more outlandish mode of transport when visiting London. The young billionaire arrived in the capital with a fleet of gold cars worth more than $1.2 million. That’s right, the entire fleet of exotic rides owned by the Saudi billionaire is wrapped in vinyl – and there’s a model for every occasion. For starters, there’s a $462,000 Mercedes-AMG G63 6×6 – a vehicle more suited to Saudi Arabia’s sand dunes than the congested streets of Kensington. Next up is a Rolls-Royce Phantom Coupe – a two-door version of the world’s most desirable limousine. Under the hood of the $437,000 über-luxurious coupe is a 6.75-litre engine, capable of 155 mph (249 km/h). But, no ‘real’ car collection would be complete without a supercar. That’s why the young Saudi billionaire – believed to be in his twenties, has a Lamborghini Aventador SV. Worth around $437,000, the Lambo has a 6.5-liter V12 engine, accelerating from 0-62 mph (0-100 km/h) in just 2.7 seconds, going on to reach a top speed of 217 mph (349 km/h). The […]
2 years ago
Europe is “returning to petrol”, according to a new article from Yahoo Finance which highlighted Volkswagen’s EV sales as the canary in the coalmine. Sales of Volkswagen’s electric vehicles have declined by nearly 25% in Europe, with a noticeable shift back to gasoline-powered cars amid waning interest in battery-operated models, the report says. It notes that the downturn, observed in the initial quarter of the year, is attributed to heightened inflation and escalating energy costs, which have cooled consumer enthusiasm for electric cars. Worldwide, Volkswagen, which also owns brands like Audi, Skoda, and Porsche, saw a 3% decrease in electric vehicle sales, totaling 136,400 units. In contrast, sales of traditional combustion engine vehicles rose by 4%, approaching two million units. The report notes that demand for electric vehicles has dipped as governments in Europe reduce subsidies and soften ambitious goals to phase out petrol and diesel cars. In the UK, Prime Minister Rishi Sunak delayed the prohibition of new petrol and diesel sales from 2030 to 2035 and removed incentives for new EV purchases last year. Despite Volkswagen’s strong presence in the UK market with models like the Audi e-Tron and Volkswagen ID, petrol car demand is growing faster than electric. In the […]
2 years ago
Electric car sales already are in a funk in key markets around the globe. Challenges finding enough repair technicians threatens to further stifle demand in the U.K., where consumer uptake has stagnated for the better part of two years. A dearth of mechanics trained to handle the most advanced EV fixes is helping to drive up repair costs, according to insurers and repair companies like the AA, which provides roadside assistance across the U.K. Add in expenses like long wait times for replacement parts, and underwriters are opting to total cars with relatively benign damage — prematurely consigning electric models to the junk heap. A seemingly simple crash that damages the battery or the compartment housing it “can cause a complete write-off of the vehicle,” said Marco Distefano, managing director of insurer Axa SA’s U.K. retail division. “Ultimately, that pushes up the price of insurance.” Fewer than 10% of the U.K.’s 236,000 auto mechanics are qualified to work directly on EV batteries or their cases, according to the Institute of the Motor Industry, which provides training and certification. While many technicians can perform less-demanding tasks, the most challenging repairs require extra training, given the complexity of the circuits and risk […]
2 years ago
A Saudi man came up with an unusual present to his wife to mark the Muslim Eid Al Fitr festival: a set of tyres. An online video displays the present that was coupled with a bunch of flowers. In the video, the man says he had discussed with his children about presenting a “practical” gift to their mother on the occasion of Eid that began on Wednesday. On past occasions, they presented her accessories, gold or perfumes. “But this time, we bought her car tyres. We were worried about her reaction,” the man says. But to their surprise, she rejoiced on receiving the gift. “Besides being a distinct present, she needed this because her car tyres were worn-out,” he comments. In 2018, Saudi Arabia allowed women to drive for the first time in its history, ending a decades-old ban on women driving as part of massive changes in the country. The historic move has since boosted the car market’s growth in the kingdom. Car sales in Saudi Arabia last year reached around 730,000, of which 30% were bought by women, experts have said. The sales are expected to surge to 870,000 this year in the kingdom. Auto sales have surpassed […]
2 years ago
Dubai is exploring plans to introduce a futuristic solar-powered transport system in the city. RAILBUS Inc, a pioneering force in the development of the world’s first 100% solar-powered mass transportation system, has announced a landmark Memorandum of Understanding (MOU) with Dubai’s Roads and Transport Authority (RTA). This strategic partnership marks a significant milestone in the journey towards revolutionising urban mobility and underscores a shared commitment to sustainable transportation solutions. Solar-powered public transport in DubaiThe MOU between RAILBUS and RTA paves the way for collaboration on developing and deploying innovative, eco-friendly transportation technologies across Dubai. RAILBUS’s solar-powered system represents a transformative approach to public transit, offering a green, efficient, and cost-effective alternative to traditional transportation methods. Rawan Kamal, Partners Relations Manager of RAILBUS Inc, said: “This partnership with RTA is not just a step forward for RAILBUS; it’s a leap towards a future where clean, renewable energy powers our cities. “We are honoured to collaborate with an authority as visionary as RTA and excited about the possibilities this opens up for sustainable urban development.” Abdul Mohsen Kalbat, CEO of the Rail Agency, RTA, said: “Partnering with RAILBUS aligns with our objective to embrace innovative solutions that enhance the quality of life […]
2 years ago
Shares of Rivian Automotive, Lucid Group, and Tesla Motors moved lower during the cash session in the US after Ford Motor announced price cuts for its electric F-150 Lightning pickup truck amid concerns about sliding demand across the EV industry. Meanwhile, an EV price war between the automakers rages on as unprofitable EV startups struggle to survive. Ford is reducing the price of its Lightning pickup truck by up to 7.5%. Earlier this year, the company paused production of the truck and is set to resume production later in the month The largest price cut is on the Flash extended-range model, where customers could expect to save $5,500. The model now starts at around $67,995. Ford told Bloomberg that price cuts will help it “adapt to the market to achieve the optimal mix of sales growth and customer value.” The downshift in EV demand has led Chief Executive Officer Jim Farley to reevaluate Ford’s EV strategy by reducing spending on battery-powered vehicles by $12 billion, delaying the launch of various models, and beginning to offer an expanded lineup on gas-electric hybrid propulsion vehicles across North America. Thousands of auto dealers nationwide recently warned the ‘climate change warriors’ in the White House: the 2030 EV […]
2 years ago
Saudi Arabia’s electric vehicle manufacturer Lucid has seen shares climb following market-defying sales reports. Following price cuts to models earlier this year, Lucid’s luxury electric sedan vehicles performed better than previously expected. This led to shares climbing by around 3 per cent and confidence growing in the EV brand. Saudi Arabia’s Lucid sales growth Lucid handed over 1,967 vehicles in Q1 2024, notably more than the previous estimates of 1,745. It follows a decision to cut prices for the Lucid Air by up to 10 per cent. It comes as much-hyped Tesla reported the first quarterly drop in deliveries in around four years. In a statement, Lucid said: “Lucid Group announced production and delivery totals for the quarter ended March 31, 2024. Lucid produced 1,728 vehicles and delivered 1,967 vehicles during this period.” Lucid will host a conference call to discuss its first quarter 2024 financial results on Monday, May 6, 2024.
2 years ago
It’s been a long, slow decline for the Nissan GT-R. Revealed all the way back in 2007, the R35 was once a supercar beater on a budget; now it’s just a supercar, and it’s priced like one. Between that and being a 17-year-old Nissan, you won’t be surprised to hear Nissan has averaged only one sale a day so far this year. The GT-R’s pace in 2024 was clocked in Nissan’s first-quarter sales summary, released Tuesday. At the end of Q1, Nissan had notched 77 GT-R sales in 77 “selling days”—that’s approximately 22 to 23 cars per month, and barely half the paltry 143 Nissan sold in Q1 last year. It’s familiar territory for the GT-R, which first visited this low-water mark in October 2017 when just 21 cars sold. Since then, the GT-R has never beaten 90 sales in a month, with that figure being reached all the way back in 2018. It has occasionally dipped under, but Nissan still consistently sells a few dozen. The GT-R’s low sales are widely attributed to the car’s cost increases since launch in June 2008, when it started at $69,850. Today it costs $122,985 delivered, and only has 85 more horsepower and 37 pound-feet more […]
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