GGAC Motors co of China used the opportunity of the first edition of the Nigeria Governors’ Investment Forum, which was was held recently in Guangzhou, China to showcase its aware inspiring brands, GA8 and GS8 to the Nigerian dignitaries and other stakeholders. Governors from nine states in Nigeria, which include Alhaji Abdul’aziz Abubakar Yari of Zamfara State; Chief Okezie Ikpeazu of Abia State and Chief Dr Samuel Ortom of Benue State were at the event.
Sunday Telegraph learnt that the participants at the forum from Nigeria and China conducted in-depth discussions and case sharing on the theme of the forum “sustainable cities and livelihood”.
GAC Motor GA8 and GS8, which were designated as the official vehicles for the forum, greatly impressed the delegates with their luxurious and comfortable ride experience, original design, exquisite craftsmanship and state-of-the-art technologies.
Speaking at the forum, the Vice Mayor of Guangzhou, Mr. Cai Chaolin, stated that Nigeria as the largest economy in Africa and Guangdong are highly complementary to each other in areas such as manufacturing, agriculture, cultural exchanges and infrastructure development being situated along the “Belt and Road”
and there is vast potential for cooperation between the two countries. “The Guangzhou Municipal Government has always attached great importance to all-round cooperation with Nigeria. We believe this forum will be a great opportunity for China and Nigeria to further their long-standing friendship, and construct a new bridge for investment activities between the two nations.
“With the GAC Group as a leading investment enterprise, we are speeding up the development of our overseas marketing and service system, and taking internationalization as a key development strategy. He hopes that in the future, more and more high-quality Chinese enterprises such as GAC Group will bring better products and services to Nigeria, so as to further strengthen bilateral exchanges and cooperation.”
President of GAC Group, Mr. Zeng Qinghong in a speech titled: “GAC’s global planning with sustainable development as the basis and the ‘Belt and Road’ Initiative as the driver” introducing to the forum participants the achievements and main business sectors of GAC Group, while emphasizing GAC’s sincere willingness to offer high-quality products and services to Nigerian consumers.
Qinghong said that GAC Motor’s entry into the Nigerian market has brought consumers greater ride experience and higher quality of life, and that the automaker has not only benefitted Nigeria with highquality products and services, but has also brought management expertise and technologies to the country, thus increasing employment and enabling resource integration, technological innovation and sustainable development.
At the forum, the Chinese officials and governors from Nigeria studied carefully the GA8 and GS8 showcased at the venue. GS8, with its original design of a tough exterior and soft interior, luxurious and cosy inner facilities and rich high-tech equipment, was a particular eye-catcher. Nigerian delegates all expressed their hope to see the introduction of GS8 and more new-energy vehicles to Nigeria. Besides, they also wish to see more GAC Motor investment in Nigeria to drive current cooperation further.
Qinghong further assured that GAC Motor will continue to provide consumers with more desirable products and services, spare no efforts in building GAC Motor into the leading auto brand in China, and endeavour to be a world-class brand with the strongest brand value and influence deeply cherished by consumers.
Other dignitaries who attended the event were Mr. Oloko Shakirudeen Adewale, Consul-General of the Nigerian Consulate-General in Guangzhou, Mr. Cai Chaolin, Vice Mayor of Guangzhou, and Mr. Yu Jun, General Manager of GAC Motor, and other officials and representatives of the business community.
Audi ordered to recall 127,000 vehicles over emissions
Audi has been ordered to recall 127,000 vehicles after Germany’s KBA motor transport authority detected illicit emissioncontrol software in the automaker’s latest Euro 6 diesel models, German press reports said The recall involves A4, A5, A6, A7 and A8 sedans and Q5 and Q7 SUVs, the German transport ministry told the DPA news agency, confirming a report in Bild am Sonntag.
The recall affects 77,600 vehicles in Germany, Bild am Sonntag reported. The KBA has found that the affected cars’ engine management systems turn off emissions-reducing measures in real-world traffic while allowing them to work on a test bench, the paper said The KBA is threatening to withdraw type approval for the latest generation of Audi’s A8 range-topping sedan, Bild am Sonntag said. Audi said the models had been included in a voluntary recall of 850,000 diesel vehicles with V-6 and V-8 TDI engines announced in July.
“The engine control software for the vehicles in question will be completely revised, tested and submitted to the KBA for approval,” Audi said in a statement. Audi said it has been examining its diesel cars for potential irregularities for months in close cooperation with the KBA.
“As part of this systematic and detailed assessment, the KBA has now also issued a notice regarding Audi models with V-6 TDI engines,” it said. In November, Audi announced a recall of 5,000 cars in Europe for a software fix after discovering they emitted too much nitrogen oxide. Parent Volkswagen Group concealed high NOx emissions from U.S. regulators in its 2015 diesel emissions-rigging scandal.
VW was found to have illegally manipulated engine software so that vehicles would meet NOx emissions standards in laboratory testing but not in real-world conditions, where they could emit up to 40 times the permitted levels. Several Audi models were affected and Audi has been accused in media reports of having devised the so-called defeat devices years earlier but not to have installed them in its vehicles at that time. Audi and Volkswagen have never commented on the matter.
Last month, Audi dissolved the task force it set up to investigate how many of its diesel cars have manipulated software.
Ford caps ‘challenging year’ with 19% decline in Q4 pretax profit
Ford Motor Co.’s fourth-quarter adjusted pretax profits fell 19 percent to $1.7 billion due to higher steel and aluminum prices, as well as adverse currency rates, the automaker said Wednesday.
Ford’s fourth-quarter operating margin was 3.7 per cent, down 2 percentage points from a year earlier.
Net income swung to a gain of $2.4 billion from a year-earlier loss of $800 million, reflecting a lower effective tax rate and pension re-measurement. The year-earlier loss had been due mainly to accounting changes.
Revenue rose 6.7 per cent to $41.3 billion.
For the full year, Ford’s 2017 pretax profits fell 19 per cent to $8.4 billion, slicing its operating profit margin to 5 per cent from 6.7 per cent in 2016. Those declines were caused by a $1.2 billion hit in raw materials costs and a $600 million negative impact from Brexit.
Net income soared 65 percent to $7.6 billion, as revenue rose 3.3 percent to $156.8 billion.
“It was a very challenging year, but also a year of progress,” CFO Bob Shanks told reporters. “It’s very, very clear we have to improve the fitness of the business.”
Ford shares fell 4 percent to close at $11.57 on Thursday.
Ford’s earnings were driven by its North American region, where pretax profits fell 16 per cent to $1.6 billion in the fourth quarter, due to rising commodities and warranty costs plus expenses related to the launch of the Ford Expedition and Lincoln Navigator that Ford attributed to a supplier-related parts shortage that has since been fixed.
The warranty costs include an October recall of 1.3 million F-150 and Super Duty pickups to fix faulty side-door latches that cost the automaker $267 million.
Revenue in North America rose 4.3 per cent to $24.1 billion. For the full year, pretax profits fell 16 per cent to $7.5 billion in North America, even as revenue edged up 1 per cent to $93.5 billion.
As a result, Ford’s roughly 54,000 UAW-represented employees will get profit sharing checks of $7,500 on average. That’s down from the $9,000 they received last year.
In Europe, Ford’s pretax profit slid 66 percent to $56 million in the fourth quarter and tumbled 81 per cent to $234 million for 2017. Most of the full-year drop was attributed to Brexit-related charges, as well as higher commodity and warranty costs.
In South America, Ford’s pretax loss narrowed to $197 million in the fourth quarter, from a loss of $293 million a year earlier. For 2017, its pretax loss in the region narrowed to $784 million, from a loss of $1.11 billion in 2016.
In the Middle East and Africa, pretax losses narrowed slightly to $70 million in the fourth quarter from $71 million a year earlier, and to $263 million for the full year from $299 million a year earlier.
Pretax profits at Ford’s Asia Pacific business unit collapsed 98 percent, to $5 million in the fourth quarter from $284 million a year earlier, largely due to a sales drop in China. For the full year, pretax profits there slipped 11 percent to $561 million.
Ford Motor Credit Corp.’s fourth-quarter pretax profit jumped 53 percent to $610 million, and its full-year pretax earnings rose 23 percent to $2.3 billion.
Ford last week lowered its 2018 forecast for what CEO Jim Hackett characterized as a “bad year.” Its per-share guidance for 2018 translates to earnings of $8 billion to $9.2 billion, according to investment firm Barclays Capital, down from an initial forecast of $9.9 billion.
Shanks, speaking last week, said the company will face about $1.6 billion in increased commodities costs, including steel and aluminum.
Shanks said most of that impact will come from rising steel costs, and that aluminum represents just 25 percent of that negative impact. Ford’s crosstown rivals, including General Motors and Fiat Chrysler, have not highlighted commodities as a financial concern.
Adding to the financial woes are the company’s mobility investments, which were about a $300 million drag on earnings in 2017, the first year in which they’ve been broken out separately. Executives said mobility losses would be larger in 2018.
Shanks said that Ford isn’t as fit as its peers, and that is stopping it from achieving its desired profit margins of around 8 percent.
“We’re not able to get the same level of margins others may be able to,” Shanks said. “That shows the gap we need to address.”
Executives have said that Ford has started to implement business practices that should begin to bear fruit in 2019 and beyond, focused around Hackett’s mantra of “smart vehicles for a smart world.”
Those include $14 billion in costs cuts, simplifying orderable products, and tailoring its model lineup to higher-margin segments for different parts of the world.
European sales of greener cars jumped 39% in 2017
European sales of cars powered by alternative powertrains rose 39 per cent last year as Toyota pushed hybrid models and Renault extended the driving range on the latest version of its battery-powered Zoe.
Customers in European Union and EFTA markets bought 953,355 autos that run on systems including batteries, electric-gasoline or electric-diesel motors, fuel cells or natural gas in 2017, the Brussels-based European Automobile Manufacturers’ Association, or ACEA, said Thursday in a statement.
Combined demand for plug-in hybrids, which can operate on either conventional fuel or self-charged battery power, and so-called mild hybrids, which use an electric motor to help the combustion engine run more efficiently, surged 52 per cent to 460,418. Sales of full-electric models jumped 49 per cent to 135,369.
The growth far outpaced the European car market’s 3.3 per cent gain last year, suggesting consumers are warming to the models added by Toyota, Renault and competitors. Still, the alternative systems powered only 6.1 per cent of the 15.6 million autos sold across the region last year, an increase from 4.5 per cent in 2016. Battery-powered cars had a 0.9 per cent market share in 2017.
EU regulators are requiring the auto industry to reduce CO2 emissions from vehicle exhausts to limit greenhouse gases. Customers have been reluctant to buy full-electric autos because of concerns about how long battery recharging takes and the short distances the cars can travel compared with gasoline or diesel models.
Renault improved the Zoe’s range on a full charge by 67 per cent to 400km (250 miles). Toyota has up to now focused on hybrid technology, and it said in January that sales of the models jumped 38 per cent in Europe last year to account for 41 per cent of its deliveries in the region.
Sales of full-electric cars in Europe are set to surge to 200,000 this year, LMC Automotive predicts, with demand for battery-powered vehicles forecast to reach 600,000 by 2020 and rise to nearly a million by 2022
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