Nissan says phasing out gas-powered cars depends on customer demand

Special Nissan says phasing out gas-powered cars depends on customer demand
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Updated 07 December 2021

Nissan says phasing out gas-powered cars depends on customer demand

Nissan says phasing out gas-powered cars depends on customer demand

DUBAI: Nissan is eco-friendly but also consumer-led, a top official from the Japanese automaker said in the wake of the company not signing a COP26 global pledge to phase out gas-guzzling cars. 

As many as 30 national governments joined the deal struck in Glasgow last month, as the transportation industry races to fix decades of environmental damage due to carbon emissions.

They were joined by six automotive giants, including Ford and Mercedes-Benz, but Nissan, with its French partner Renault, skipped the pact. 

“If customers say remove it (gas-fueled vehicle production), we will remove it,” Ashwani Gupta, Nissan’s chief operating officer told Arab News on Tuesday. 

“If (a customer) doesn’t find any more excitement in internal combustion engines cars; if he doesn’t find any price competitiveness in ICE cars; if he has to pay a CO2 penalty, why will he keep it?”

Gupta, who was in Dubai for a media tour, emphasized the importance of making the transition smooth for Nissan’s customers.

“I think it’s up to us how to make it competitive, so customers will naturally do it,” he explained, adding: “In Europe, it will happen very soon.”

The Japanese automaker is ramping up efforts to introduce new electric car models in the next 10 years, aiming for a 50 percent electrification mix by 2030, as it also doubles down on being carbon neutral across the life cycle of its products by 2050. 

Last week, it announced a $17.6 billion investment to develop solid-state batteries for its planned electric model line-up, as well as to establish a pilot plant by 2024, with production starting by 2028. 

Europe is the company’s biggest market for electrification, and it plans to increase sales of electric vehicles in the region by more than 75 percent — followed by Japan, China, and the US. 

As for the Middle East, Gupta said the region has the vision for sustainability and global excellence. 

“Timing could be different because other markets started before, but the Middle East is starting now,” he said.

In an earlier statement, Gupta said his company’s vision is focused on creating “customer pull through an attractive proposition.”

The company is planning to localize manufacturing and sourcing to make electric vehicles more competitive — starting with its core markets of Japan, China, and the US, drawing from its EV Hub concept in the UK. 

“Nissan is working for the future,” Gupta said, downplaying remarks of former Chairman Carlos Ghosn, who said the carmaker is “visionless.” 

 


Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn
Updated 13 sec ago

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

Saudi miner Ma’aden’s half-year profit more than triples to $1.7bn

RIYADH: Saudi Arabian Mining Co., better known as Ma’aden, saw its profit soar 232 percent to SR6.2 billion ($1.7 billion) during the first half of 2022, according to a bourse filing.


Here’s what you need to know before Tadawul trading on Thursday 

Here’s what you need to know before Tadawul trading on Thursday 
Updated 10 min 37 sec ago

Here’s what you need to know before Tadawul trading on Thursday 

Here’s what you need to know before Tadawul trading on Thursday 

RIYADH: Saudi stocks ended higher for a third straight day on Wednesday, thanks to strong earnings results from most listed companies.

TASI, the main index, gained 0.8 percent to close at 12,431 and the parallel Nomu market edged 0.13 percent higher to 22,227.

Most Gulf peers advanced in line with Saudi Arabia, led by a 0.8 percent gain for Abu Dhabi’s bourse.

Dubai, Oman, and Qatar added 0.3, 0.1, and 0.4 percent, respectively, while Bahrain and Kuwait were down 1 percent and 0.2 percent, respectively.

Elsewhere in the Middle East, Egypt’s EGX30 exited the session almost flat.

In energy trading, Brent crude was priced at $97.31 a barrel by 9:16 a.m. Saudi time on Thursday, while US West Texas Intermediate traded at $91.79 a barrel.

Stock news

ACWA Power Co. said that operations at Umm Al Quwain IWP were launched, with a production capacity of 682,000 cubic meters per day of desalinated potable water

ACWA Power recorded a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022

Savola Group entered an SR459 million agreement to sell its shares in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited to Taiba Investment Co.

Astra Industrial Group reported a 202 percent profit surge to SR318 million for the first half of 2022

Saudi Co. for Hardware turned into losses of SR19 million during the first half of 2022. The company also appointed Sameer Alhamidi as vice chairman of the board effective Aug. 11

Saudi Vitrified Clay Pipes Co.'s net losses widened by 661 percent to SR9 million during the first half of 2022

Eastern Province Cement Co. posted a 41 percent profit drop to SR72 million

Walaa Cooperative Insurance Co. got the Capital Market Authority’s approval to increase its capital to SR850 million for the merger with SABB Takaful

Saudi Arabian Mining Co. announced that Mansourah & Massarah gold mine plant is near completion, adding that pre-commissioning activities started

Saudi Industrial Services Co.’s profit dropped 93 percent during the first half of 2022 to SR3.9 million

Calendar

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription

August 15, 2022

Naqi Water Co. will start trading its shares on the Saudi Exchange’s main market

 


PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m
Updated 5 min 39 sec ago

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

PIF-owned ACWA Power’s H1 profit jumps 21% to $144m

RIYADH: ACWA Power Co., which is part-owned by Saudi Arabia’s Public Investment Fund, has posted a 21 percent jump in profits to SR542 million ($144 million) for the first half of 2022, a bourse filing revealed.

Profits of the energy giant grew mainly in response to new projects beginning operations, which boosted income from equity-accounted investors, it said.

Most recently, ACWA Power announced the start of operations at a $797 million desalination plant in the UAE, namely Umm Al Quwain IWP.

With an SR251-billion portfolio, ACWA Power was the second largest utility company on the Saudi bourse after Saudi Electricity Co.


Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO
Updated 40 min 46 sec ago

Naqi Water to debut on TASI market early next week following strong IPO

Naqi Water to debut on TASI market early next week following strong IPO

RIYADH: Naqi Water Co. will start trading its shares on Saudi Arabia’s stock market on Aug. 15, after attracting huge demand during the initial public offering, according to a bourse filing.

The Saudi-based water producer generated SR560 million ($150 million) worth of subscriptions as it offered 600,000 shares to retail subscribers.

Prior to that, the final offer price was set at the top end of an indicated range of SR69, following a strong bidding period.

Naqi Water will float a 30 percent stake, representing six million shares, on the Kingdom’s main stock index TASI.


Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m
Updated 55 min 30 sec ago

Savola Group to sell all shares in Knowledge Economic City for $122m

Savola Group to sell all shares in Knowledge Economic City for $122m

RIYADH: Savola Group has entered into an SR459-million ($122 million) agreement to sell its stake in Knowledge Economic City Co. and Knowledge Economic City Developers Co. Limited.

This move came in light of Salove’s strategy of focusing on investing in its main operations in the food and retail sectors, while ending investments in non-core businesses, the group said in a bourse filing.

Knowledge Economic City is owned by Savola Group directly and indirectly at an approximate share of 11.47 percent.

Knowledge Economic City’s shares ended Wednesday’s trading session 6.12 percent higher at SR14.56.