Ford to drive electric transformation at UK car plant

Ford to drive electric transformation at UK car plant
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Updated 18 October 2021

Ford to drive electric transformation at UK car plant

Ford to drive electric transformation at UK car plant
  • The investment includes state support via the UK government's Automotive Transformation Fund

US auto giant Ford on Monday unveiled plans to convert a UK factory into its first electric vehicle component assembly site in Europe.


Ford will invest £230 million ($316 million, 273 million euros) in its Halewood plant on Merseyside in northwest England, the carmaker said.


Production will start in 2024 in a move expected to safeguard hundreds of jobs.


"This is an important step," said Stuart Rowley, president of Ford of Europe.


"It strengthens further our ability to deliver 100 percent of Ford passenger vehicles in Europe being all-electric and two-thirds of our commercial vehicle sales being all-electric or plug-in hybrid by 2030."


The investment includes state support via the UK government's Automotive Transformation Fund.


Ford earlier this year pledged that between 40 and 50 percent of its global vehicles would be fully electric by the start of the next decade.


British trade union Unite on Monday said that Ford's new investment would protect 500 jobs and potentially create up to 700 new positions.


"This investment is excellent news for the highly skilled workforce at Halewood as it secures the future of the plant," added Unite general secretary Sharon Graham.


Britain plans to ban sales of high-polluting diesel and petrol cars from 2030 as part of efforts to reach net zero carbon emissions by 2050.

                


TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points
Updated 11 sec ago

TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points

RIYADH: The Saudi stock market ended the session on Monday up 0.2 percent, or 23 points, to close at 10,811 points.

Some 189 million shares changed hands in 355,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC. 

Saudi Enaya and Amana Insurance were among the top gainers.

Saudi Kayan, Advanced and Petrochem also rose by between 3 and 6 percent. 

The market's increase today was also influenced by a 0.9 percent rise in Al Rajhi bank shares, while Riyad bank rose by 1.9 percent to SR135 ($36). SABIC Agri-Nutrients was up by 4.45 percent. 

Baazeem and Maadaniyah were the top fallers, losing more than 6 percent.

Saudi Basic Industries declined 1 percent to close at SR111.20.

Savola, Almarai, eXtra and Al Kathiri fell between 1 and 3 percent.

Qassim Cement closed at SR77.90, down 1 percent after the end of the eligibility for cash dividends.

The parallel Nomu index was down 42.3 points, or 0.19 percent, closing at 22,331.94 points after traded 2.7 million shares. 


Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 
Updated 40 min 35 sec ago

Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 

RIYADH: Indonesia will need an additional funding of $148 billion to meet its goal of curbing carbon emissions in 2030, Bloomberg reported.

The southeast Asian country needs a total of $365 billion in green investments to cut emissions by 29 percent, head of Fiscal Policy Agency, Febrio Kacaribu, said in a briefing. 

Of the total amount needed, $97 billion is to come from the government, while $120 billion to come from planned private investments. 

Indonesia could reduce emissions by 41 percent with “concrete” international help, Kacaribu added.


Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification
Updated 49 min 46 sec ago

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

RIYADH: Nissan Motor Co. plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification.

The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, according to Bloomberg.

The Japanese automaker will launch 23 new electrified models by 2030, including 15 new electric vehicles.

Nissan has been ramping up its EV ambitions and announced plans to build a $1.4 billion hub to manufacture battery-powered cars in the UK. 

The Yokohama-based carmaker plans to further increase its global battery production capacity to 130 gigawatt-hours by 2030.

It will launch an EV equipped with a solid-state battery by 2028, the company said.

By 2024, a pilot plant for solid-state batteries will be operational in Yokohama, with mass production expected to start by 2028. 

According to Nissan, next-generation batteries are key to achieving cost parity between EV and gasoline vehicles. 

Over the next decade, global EV sales are projected to rise above 10 million a year from around 1 million today. 

Nissan also plans for EVs to account for more than 75 percent of sales in Europe, 55 percent in Japan, and 40 percent in China by 2026.

It plans to have EVs reach 40 percent of sales in the US in 2030. 


Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field
Updated 57 min 51 sec ago

Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field

Dhahran: Aramco is spending $68 billion to develop its giant unconventional gas field Jafurah, the company's CEO said in media briefing at the firm's headquarter in Dhahran. 

Responding to Arab News' question on the cost of the project, Amin Nasser stated that the first phase will cost $24 billion and will be completed by end if 2024, early 2025.

The second phase, he added, will cost $44 billion and will add up to 2 billion standard cubic feet per day of sales gas, and around 600,000 barrels per day of condensates — a very light type crude oil.


Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant
Updated 29 November 2021

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

RIYADH: Cairo-based Orascom Construction could acquire a 25 percent share in Egypt's first hydrogen plant announced last Wednesday, its CEO told Al Arabiya.

The plant is expected to start operation in 2014, Osama Bishai said.

Orascom joined the Green Hydrogen Consortium with Fertiglobe, Norway’s Scatec and the Sovereign Fund of Egypt to develop the first Egyptian green hydrogen production facility.

The production plant will consist of 100 MW PEM electrolyzer, ranked as world’s largest standalone electrolyzer and the first in Egypt, according to the company’s statement.