UK car sector accelerates toward electric future

Europe witnesses a growing trend for car consumers looking for more environmentally conscious and efficient products. (Reuters)
Updated 22 July 2019
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UK car sector accelerates toward electric future

  • A total of 214 models will be available for purchase by 2021, up from 60 in late 2018

LONDON: Britain’s auto industry, seeking to swerve Brexit obstacles, is accelerating toward electrification as consumers shun high-polluting diesels, driven by rapid advances in technology and greener government policy.

Four famous car brands born in Britain but now foreign-owned — German-held Bentley and Mini, Indian-backed Jaguar Land Rover, and Chinese-controlled Lotus — have each this month outlined plans for purely electric models to sit alongside their petrol vehicles.
All-electric cars, which need to be charged from the mains, and hybrids, which combine electrics with petrol or gasoline engines, are gaining in popularity as more consumers turn away from the pollution-spewing internal combustion engine.
“You need to be into electrification,” Lotus Cars chief executive Phil Popham told AFP in an interview after unveiling the firm’s first all-electric sports car Evija — pronounced “E-vi-ya” — which the company will start making next year.
Lotus, 51-percent owned by Chinese auto giant Geely, plans an initial sale of only 130 of the supercars, which will each cost about £1.7 million ($2.1 million).

Heading toward future
“Electrification is absolutely part of our future,” said Popham. “In the not-too-distant future, all of our cars will offer electrification.”
Lotus’ plant in Hethel, eastern England, will see a £100-million investment over the next five years as it ramps up its sports car range with financial firepower and technical knowhow from Geely, which bought its majority stake two years ago. Etika Automotive of Malaysia holds the remaining 49 percent of Lotus.

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200 mph will be the top speed of the lotus hypercar Evija.

Popham said the removal of large components, like the internal combustion engine and gearbox, will see the so-called hypercar Evija have an electric motor on each wheel.
It will reach 0-60 miles per hour in three seconds and have a top speed of 200 mph. Fully charged however, it will be able to drive a distance of only 250 miles.
In the more affordable premium market, Jaguar Land Rover, owned by India’s Tata Motors, is planning a range of electric vehicles at its central England factory — starting with the next-generation Jaguar XJ luxury saloon model.
“The future of mobility is electric,” said JLR CEO Ralf Speth, whose company introduced its first electric vehicle I-PACE last year.
Elsewhere, BMW-division Mini recently launched plans for its first all-electric Mini Cooper at its factory in Cowley, southern England.
“We’ll be able to really react to demand from customers as we go forward because Mini electric (cars) go down exactly the same production line as the traditional combustion engine product,” David George, director of Mini UK, told AFP on a visit to the facility.

SPEEDREAD

In Europe as a whole, the number of electric car models, including hybrids, is set to triple by 2021.

In Europe as a whole, the number of electric car models, including hybrids, is set to triple by 2021, according to Brussels-based environmental lobby group Transport & Environment.
A total of 214 models will be available for purchase by 2021, up from 60 in late 2018, T&E said.
“There is a growing trend for consumers to be looking for more environmentally conscious and efficient products and technologies,” Bentley CEO Adrian Hallmark told AFP.
He was speaking in July after the Volkswagen-owned luxury carmaker detailed its futuristic all-electric self-driving concept, the EXP 100 GT, at its facility in central England.
When Nissan unveiled its first mass-market electric car hatchback Leaf nine years ago, the Japanese carmaker described it as a “game-changer” for Britain’s biggest car plant in Sunderland, northeastern England.
Since then, more and more carmakers have sped up plans for more environment-friendly products — and also electrify their current offerings.
However, Cardiff University economics professor and auto specialist Peter Wells lamented the fact that many automakers were merely replicating electric versions of pre-existing models — rather than optimising how they deploy cutting-edge technology.
“The mindset is that the industry should simply replicate the existing petrol/diesel product ranges, only in hybrid and electric,” said Wells.
“In my view, this strategy can still result in less than optimized vehicle designs,” he noted.


Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production

Updated 05 March 2026
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Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production

RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.

The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.

This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.    

In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”

The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.

Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.

“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.

Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.

The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.

The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.

The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.

Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.

“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.

Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.