GENEVA: Global automakers are rolling out more electric vehicles at the Geneva International Motor Show as they try to challenge Tesla and get ahead of a disruptive shift in transportation toward lower-emission and autonomous vehicles.
For the European carmakers, the mood at the event could be unsettled by US President Donald Trump’s threat this weekend to slap tariffs on the region’s manufacturers in a potential trade war. And the three big German manufacturers — Volkswagen, Daimler and BMW — will grasp the opportunity to highlight their high-tech creations amid their continued trouble with diesel technology, such as the legal attempts to ban diesel in German cities and the scandal over exposing monkeys to exhaust in lab tests.
The carmakers will show off their wares through Wednesday; the show opens to the public Thursday and runs through March 18.
The biggest trend in autos is the race to make new technologies affordable and functional.
Some of the vehicles on show — such as Volkswagen’s autonomous and battery-driven I.D. Vizzion — will be concepts not yet ready for production. Others will have vehicles that are ready to go on sale in coming months, such as Jaguar Land Rover with the Jaguar I-Pace, a battery-driven SUV advertising 310 miles (498 kilometers) of range and rapid-charging capability.
Mercedes-Benz will have an addition to its EQ electric brand. Hyundai will show its Kona Electric, with either a 300-kilometer (186-mile) or 470-kilometer (292-mile) range. Luxury carmakers such as BMW and Jaguar are eager to grab back some of the sales of high-end vehicles taken by Tesla with its electric Model S high-performance sedan and Model X SUV.
When it comes to technological change, there will be more than vehicles to talk about. The German automakers and Ford are working to build a network of fast-charging stations across Europe through their joint venture, Ionity. The idea is to make electric vehicles more appealing by enabling longer trips. Currently, many electric models are charged over several hours at home at night and used for short commutes, limiting their use. Ionity’s 350-kilowatt-per-hour charging capacity could cut charge times to 15 minutes or less.
Automakers are under pressure to come up with vehicles propelled by something other than internal combustion engines to comply with government efforts to reduce air pollution and emissions of greenhouse gases blamed by scientists for global warming. The issue became even more pressing after a German court said last week that polluted cities can ban older-model diesels. Diesel sales had already slipped after Volkswagen’s 2015 scandal over cheating on emissions tests.
Autonomous vehicles could herald a shift to transportation as a service with less incentive to own a car. Analysts at IHS Markit estimate that autonomous cars will have their first significant sales volume with 51,000 units in 2021 and surpass 33 million per year by 2040.
All three German automakers have condemned the 2014 experiment in which Volkswagen had macaque monkeys exposed to diesel exhaust at a lab in New Mexico. The tests were commissioned through a now-disbanded organization whose board had representatives from BMW, Volkswagen and Daimler. They have said they are investigating how the tests happened.
The show will not erase public indignation or media questions but at least offers a chance to talk about something other than a PR disaster.
Some of the more important vehicles at the show have already been revealed as companies use stand-alone events to show off their new cars rather than putting them on display in a crowd of other vehicles. That is the case with Mercedes-Benz A-Class, its small entry-model hatchback that was unveiled on Feb. 2 in Amsterdam. The car features voice-activated control of navigation, phone, music and heating and air-conditioning somewhat like Amazon and Google’s devices for home use. The Jaguar I-Pace had a digital unveiling from Graz, Austria on Thursday ahead of the show — showing it beating two Tesla models in a race.
Geneva is typically a place to show off gorgeous, extremely fast and very, very expensive vehicles. A taste: Luxury sports carmaker McLaren offers the low-slung Senna, named after the race driver Ayrton Senna. Its 800-horsepower turbocharged V8 engine takes it to a top speed of 340 kph (211 mph). Just 500 of the sleek, carbon-fiber vehicles will be built, hand-assembled at the company’s production center in Woking, Surrey, England. The price: £750,000 including tax, which translates to $1.03 million at today’s exchange rate.
Want one? Sorry. The company said it has buyers for all of them.
Automakers roll out new battery-powered cars at Geneva show
Automakers roll out new battery-powered cars at Geneva show
Open Forum Riyadh to discuss digital currency, AI, and mental health
- The event will run in parallel to the WEF’s Special Meeting on Global Collaboration
LONDON: The Open Forum Riyadh — a series of public sessions taking place in the Saudi capital on Sunday and Monday — will “spotlight global challenges and opportunities,” according to the organizers.
The event, a collaboration between the World Economic Forum and the Saudi Ministry of Economy and Planning, will run in parallel to the WEF’s Special Meeting on Global Collaboration, Growth and Energy for Development, taking place in Riyadh on April 28 and 29.
“Under Saudi Vision 2030, Riyadh has become a global capital for thought leadership, action and solutions, fostering the exchange of knowledge and innovative ideas,” Faisal F. Alibrahim, Saudi minister of economy and planning, said in a press release, adding that this year’s Open Forum being hosted in Riyadh “is a testament to the city’s growing influence and role on the international stage.”
The forum is open to the public and “aims to facilitate dialogue between thought leaders and the broader public on a range of topics, including environmental challenges, mental health, digital currencies, artificial intelligence, the role of the arts in society, modern-day entrepreneurship, and smart cities,” according to a statement.
The agenda includes sessions addressing the impact of digital currencies in the Middle East, the role of culture in public diplomacy, urban development for smart cities, and actions to enhance mental wellbeing worldwide.
The annual Open Forum was established in 2003 with the goal of enabling a broader audience to participate in the activities of the WEF, and has been hosted in several different countries, including Cambodia, India, Jordan and Vietnam.
The panels will feature government officials, artists, civil-society leaders, entrepreneurs, and CEOs of multinationals.
This year’s speakers include Yazeed A. Al-Humied, deputy governor and head of MENA investments at the Saudi Pubic Investment Fund; Princess Reema Bandar Al-Saud, Saudi Arabia’s ambassador to the US; and Princess Beatrice, founder of the Big Change Charitable Trust and a member of the British royal family.
Michele Mischler, head of Swiss public affairs and sustainability at the WEF, said in a press release that the participation of the public in Open Forum sessions “fosters diverse perspectives, enriches global dialogue, and empowers collective solutions for a more inclusive and sustainable future.”
Meituan looks to hire in Saudi Arabia, indicating food delivery expansion
SHANGHAI: Chinese food delivery giant Meituan is seeking to hire staff for at least eight positions based in Riyadh, in a sign it may be looking to Saudi Arabia to further its global expansion ambitions, according to Reuters.
The jobs ads, which is hiring for KeeTa, the brand name Meituan uses for its food delivery operations in Hong Kong, is seeking candidates with expertise in business development, user acquisition, and customer retention, according to posts seen by Reuters on Linkedin and on Middle Eastern jobs site Bayt.com.
Meituan did not immediately respond to a request for comment by Reuters on its plans for Saudi expansion.
Bloomberg reported earlier on Friday that the Beijing-based firm would make its Middle East debut with Riyadh as the first stop.
Since expanding to Hong Kong in May 2023, Meituan’s first foray outside of mainland China, speculation has persisted that its overseas march would continue as the firm searches for growth opportunities, with the Middle East rumored since last year to be one area of possible expansion.
“We are actively evaluating opportunities in other markets,“ Meituan CEO Wang Xing said during a post-earnings call with analysts last month.
“We have the tech know-how and operational know-how, so we are quietly confident we can enter a new market and find an approach that works for consumers there.”
IMF opens first MENA office in Riyadh
RIYADH: The International Monetary Fund has opened its first office the Middle East and North Africa region in Riyadh.
The office was launched during the Joint Regional Conference on Industrial Policy for Diversification, jointly organized by the IMF and the Ministry of Finance, on April 24.
The new office aims to strengthen capacity building, regional surveillance, and outreach to foster stability, growth, and regional integration, thereby promoting partnerships in the Middle East and beyond, according to the Saudi Press Agency.
Additionally, the office will facilitate closer collaboration between the IMF and regional institutions, governments, and other stakeholders, the SPA report noted, adding that the IMF expressed its appreciation to Saudi Arabia for its financial contribution aimed at enhancing capacity development in its member countries, including fragile states.
Abdoul Aziz Wane, a seasoned IMF director with an extensive understanding of the institution and a broad network of policymakers and academics worldwide, will serve as the first director of the Riyadh office.
Saudi minister to deliver keynote speech at Automechanika Riyadh conference
RIYADH: Saudi Arabia’s Deputy Minister of Investment Transaction Saleh Al-Khabti is set to deliver the keynote speech at a global automotive aftermarket industry conference in Riyadh.
Set to be held from April 30 April to May 2 in the Saudi capital’s International Convention and Exhibition Center, Automechanika Riyadh will welcome more than 340 exhibitors from over 25 countries.
Al-Khabti will make the marquee address on the first day of the event, which will also see participation from Aftab Ahmed, chief advisor for the Automotive Cluster at the National Industrial Development Centre, Ministry of Industry and Mineral Resources.
Saudi Arabia’s automotive sector is undergoing a transformation, with the Kingdom’s Public Investment Fund becoming the major shareholder in US-based electric vehicle manufacturer Lucid, and also striking a deal with Hyundai to collaborate on the construction of a $500 million-manufacturing facility.
Alongside this, Saudi Arabia’s Crown Prince Mohammed bin Salman launched the Kingdom’s first electric vehicle brand in November 2022.
Commenting on the upcoming trade show, Bilal Al-Barmawi, CEO and founder of 1st Arabia Trade Shows & Conferences, said: “It is a great honor for Automechanika Riyadh to be held under the patronage of the Saudi Arabian Ministry of Investment, and we’re grateful for their continued support as the event goes from strength-to-strength.
“The insights and support we’ve already received have been invaluable, and we look forward to continuing this relationship throughout the event and beyond.”
This edition of Automechanika Riyadh will feature seven product focus areas, including parts and components, tyres and batteries, and oils and lubricants.
Accessories and customizing, diagnostics and repairs, and body and paint will also be discussed, as well as care and wash.
Aly Hefny, show manager for Automechanika Riyadh, Messe Frankfurt Middle East, said: “The caliber of speakers confirmed to take part at Automechanika Riyadh is a testament to the event’s growth and prominence within the regional automotive market.
“We have developed a show that goes beyond the norm by providing a platform that supports knowledge sharing and networking while promoting the opportunity to engage with key industry experts and hear the latest developments, trends and innovations changing the dynamics of the automotive sector.”
Aramco-backed S-Oil expects Q2 refining margins to remain steady then trend upward
SEOUL: South Korea’s S-Oil forecast on Friday that second-quarter refining margins will be steady, supported by regular maintenance in the region, then trend upward in tandem with higher demand as the summer season gets underway, according to Reuters.
Over the January-March period, the refiner said it operated the crude distillation units at its 669,000-barrel-per-day oil refinery in the southeastern city of Ulsan at 91.9 percent of capacity, compared with 94 percent in October-December.
S-Oil, whose main shareholder is Saudi Aramco, plans to shut its No. 1 crude distillation unit sometime this year for maintenance, the company said in an earnings presentation, without specifying the time.
