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

Nissan to spend $17.6bn over five years to accelerate vehicle electrification
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Updated 29 November 2021

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. 


A healthier global economy is set to push oil demand to an all-time high: Jadwa

A healthier global economy is set to push oil demand to an all-time high: Jadwa
Updated 13 sec ago

A healthier global economy is set to push oil demand to an all-time high: Jadwa

A healthier global economy is set to push oil demand to an all-time high: Jadwa

Driven by a stronger global economy, higher mobility and loosened restrictions, oil demand is expected to hit an all-time high of 100.8 million barrels per day, according to a Saudi investment bank.

Jadwa Investment said that demand will be 4 percent higher in 2022 when compared to the previous year.

However, the omicron outbreak could induce a setback in demand for the first quarter of 2022, before going up in the following three quarters.

The investment firm pointed out that the traditional centers of oil demand — such as the US, China, other Asia and India — will account for 62 percent of the growth in demand this year.

One issue Jadwa mentioned was the inability of some OPEC+ members to meet their production targets. In the final quarter of 2021, the alliance raised its production by 240,000 barrels per day, noticeably below the expected average of 800,000 barrels per day.

As for oil prices, the Riyadh-based firm increased its 2022 Brent oil price forecasts to $76 per barrel, up from a previous estimate of $71 a barrel. 

The rise in the projection was attributed to shortfalls in OPEC+ spare capacity and drops in commercial oil activity.


Saudi Arabia, Iraq sign electrical interconnection agreement 

Saudi Arabia, Iraq sign electrical interconnection agreement 
Updated 2 min 30 sec ago

Saudi Arabia, Iraq sign electrical interconnection agreement 

Saudi Arabia, Iraq sign electrical interconnection agreement 

Saudi Arabia and Iraq signed an electrical interconnection agreement on Tuesday, at the Saudi-Iraqi Forum.

“Recently, Saudi Arabia and Jordan signed a MoU of electrical interconnection between both countries, and then a few months ago we signed an agreement in the same regard with Egypt,” Saudi Energy Minister Prince Ablduaziz bin Salman said.

“Today comes the agreement with Iraq, which is part of a goal to make the Kingdom a regional center for linking electricity systems in the Arab world,” he added.

It came as a result of a study conducted by the two countries, which concluded that there is an opportunity to connect them in what is a step towards achieving a regional market for electricity sharing.

 

 


mCloud, Aramco to explore a joint hub for ESG solutions in Saudi Arabia

mCloud, Aramco to explore a joint hub for ESG solutions in Saudi Arabia
Updated 12 min 20 sec ago

mCloud, Aramco to explore a joint hub for ESG solutions in Saudi Arabia

mCloud, Aramco to explore a joint hub for ESG solutions in Saudi Arabia

SAN FRANCISCO: mCloud Technologies Corp., a leading provider of AI-powered asset management and Environmental, Social, and Governance solutions, signed a Memorandum of Understanding with Aramco, according to a statement from mCloud.

Under the MoU, mCloud will explore with Aramco the co-development of a digital technology hub for delivering ESG solutions in Saudi Arabia.

This hub would enable both parties to jointly develop new AI-powered innovations to facilitate the carbon reduction of complex energy-intensive assets throughout the Kingdom and abroad, the statement added.

The company plans to develop a center of excellence that will serve as a home base for a dedicated team of ESG and digital transformation experts based in Saudi Arabia, it added.


Turkish manufacturers stop production amid limited gas supply: NRG matters

Turkish manufacturers stop production amid limited gas supply: NRG matters
Updated 33 min 58 sec ago

Turkish manufacturers stop production amid limited gas supply: NRG matters

Turkish manufacturers stop production amid limited gas supply: NRG matters

RIYADH: From the US to Europe to Asia, instability in the energy sector prevails as prices continue to soar, delays take place, proposals jeopardize green goals, and gas flows come to a halt. However, countries including Indonesia seem to be keeping their green push on track with major investments on the way.

Looking at the bigger picture:

  • European power prices are soaring as mild weather reduces wind turbine output, Bloomberg reported. The surge in prices is further deepened by the political turbulence caused by Russia’s movements on Ukraine’s border which could jeopardize the continent’s energy supply.
  • Around 300 renewable power firms are appealing to congress leaders in the US to speed up the signing off of climate projects which are part of President Biden’s tax and spending plan. This comes as projections indicate that each month of delay leads to a loss of an estimated $2 billion of economic activity.
  • The EU has been criticized by The Platform on Sustainable Finance for its plan to label nuclear energy and natural gas projects as green and sustainable, Bloomberg reported. This comes as the plan is expected to threaten the continent’s net zero goals, diminishing the EU’s credibility when it comes to environmentally-friendly policies.
  • Several Turkish manufacturers have temporarily stopped production after neighboring Iran cut gas flows into the country for as much as 10 days due to technical issues in a local station, Reuters reported.
  • Indonesia is to establish a $4 billion worth polysilicon industry to boost solar panel production, Bloomberg reported. This comes as the Asian country aims to drift away from fossil fuels and shift its dependability on green energy.

Through a micro lens:

  • UK multinational oil and gas firm Shell’s carbon capture plant located in Canada, better known as The Quest, is responsible for releasing more greenhouse gases than it captures, according to an investigation by UK human rights organization Global Witness  The group claims that while the carbon capture facility has averted 5 million tons of carbon dioxide from breaking free into the atmosphere since 2015, it has emitted 7.5 million tons of greenhouse gases in return during the same period. A spokesman for Shell claimed that the analysis is “simply wrong,” CNBC reported.

Saudi TASI opens flat as investor sentiment slips: Opening bell

Saudi TASI opens flat as investor sentiment slips: Opening bell
Updated 53 min 29 sec ago

Saudi TASI opens flat as investor sentiment slips: Opening bell

Saudi TASI opens flat as investor sentiment slips: Opening bell

RIYADH: Saudi Arabian stocks opened flat on Tuesday, with the main index TASI just nudging higher, on weaker investor sentiment amidst cautious trading.

As of 10:20 a.m. Saudi time, TASI was at 12,081 points, and the parallel Nomu market traded at 25,560 points.

Saudi insurer Bupa Arabia topped the gainers in early trading as it surged 3.3 percent to SR139 ($37).

In the financial sector, the Kingdom’s largest bank by market value Al Rajhi Bank advanced 0.5 percent and Alinma Bank edged up 0.2 percent.

Financial sector gains were capped as shares in the Saudi British Bank, known as SABB, the Arab National Bank, and Riyad Bank fell 0.9, 1.3, and 0.9 percent, respectively.

Shares in utility provider ACWA POWER Co. went up by 1.33 percent.

Riyadh-based transport firm Saudi Public Transport Co. added 0.8 percent after it sealed a SR57.5 million public transport deal with the authority of Saudi Arabia’s Madinah Region.

Arabian Centres Co., known as Almrakez, gained 0.7 percent.

Almrakez said it will distribute cash dividends at SR0.75 ($0.2) per share for the first half of the fiscal year ending Sept. 30, 2021.

In energy trading, Brent crude oil reached $86.9 per barrel, and US benchmark WTI crude oil was at $83.8 per barrel as of 10:17 a.m. Saudi time.