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Mercedes E-Class on sale in Kuwait
The new Mercedes-Benz E-Class is now on sale in Kuwait through AlBisher and Alkazemi Co. The car features a drowsiness detection system, Adaptive High beam Assist and the proximity control system which is capable of performing automatic emergency braking when there is acute danger of a collision.
KFH offers discount on Infinity cars
Kuwait Finance House, in conjunction with Al-Babtain Group has announced a discount of up to KD500 on Infinity cars for its clients. Customers who finance their cars through the bank will also be entitled to the discount, which is valid till the end of May. The offer also includes free maintenance for two years or after 30,000 kms, insurance against others that includes the insurance fees, and a three year warranty or 100, 000 kms, in addition to a VIP treatment at the maintenance.
Saudi 2009 car imports 'to fall'
Saudi Arabia, could see the first drop in car imports in 10 years in 2009, as the kingdom's oil-based economy slows down, analysts and traders have told Reuters. 'Worries on the 2009 direction of the Saudi economy have started weighing on the weakening Saudi auto market,' National Commercial Bank said in a research note. Sultan al-Mubarak, head of a European car showroom in Riyadh, told Reuters that most visitors ask about upcoming promotions, but only 15% of them end up buying. John Sfakianakis, chief economist at HSBC's Saudi affiliate, said matching the 2008 car sales performance will not be easy.
Audi Oman offers 90 minute service
Audi Oman, represented by Wattayah Motors, has launched a '90 Minutes Service'. It guarantees the completion of a standard, 25 check service in 90 minutes, provided that an advance booking is made, the customer arrives on time and no additional work is needed. Audi is providing a waiting area for customers and will use the time to try and up-sell to them, by encouraging them to take a test drive.
Iran unveils micro-hybrid car
Iran Khodro Industrial Group has unveiled the country's first micro-hybrid car, the Samand sedan. It was built following calls by the country's leadership for more energy conservation.
Opel offer may fall into Magna
Canadian-Austrian group Magna's offer to buy Opel was revealed as the most attractive for Germany, while Fiat's rival bid was a disappointment, Reuters has reported. Opel is a unit of US carmaker General Motors (GM), headquartered in Ruesselsheim, with four plants employing about 25,000 staff in Germany. GM and the German government are in a rush to finalise a sale of Opel as GM has until June 1 to restructure its operations.
Porsche investment search includes the Middle East
Porsche Automobil Holding has said the Porsche and Piëch families, who control all of the company's voting stock, have agreed to get an outside investor on board. According to the Wall Street Journal, an inside source said the search included the "the Middle-East region". Porsche has said that talks to find an outside investor were "progressing well".
Chrysler names new Chairman
US car maker Chrysler has named C. Robert Kidder as its new Chairman, taking over from Robert Nardelli. He is currently lead director on the board at Morgan Stanley and a former CEO and chairman of Duracell and Borden Chemical. Nardelli had already announced his intention to step down, following Chrysler's bankruptcy filing and alliance with Fiat.
Chrysler sales up 18% in Middle East
Zack Mathew, marketing and communications manager of Chrysler Middle East told Emirates Business that the company's regional sales rose 18% in the first four months of the year compared with the same period in 2008. The company's highest market share in the region was in Oman at 20%, followed by Bahrain with 16%, Qatar with 12% and the UAE with 10%, down from 12% in the same period last year.
Egypt's Nasr to close auto plant
Egypt's Holding Company for Metallurgical Industries has adopted the decision of El Nasr Automotive's General Assembly to shut down the company upon the expiry of manufacturing license agreements with foreign automakers, due to the accumulation of $29.6m in interest rates in one year, Al Arabiya TV has reported. Nasr, founded in 1960, produced licensed versions of different cars from Fiat, FSO Polonez, Tofaş and Zastava. The Holding Company is currently considering the sale of Nasr to a strategic investor, while releasing its 1,000 staff by offering the option of early retirement.
GM Mideast 'unaffected' by cutback plans in US
Mike Devereux, President of GM Middle East, has told Emirates Business that General Motors' plans to cancel contracts with more than 1,000 dealers in the US will have no effect on the Middle East division. Devereux said GM's performance in the Middle East was better than elsewhere, and prospects for mid and long-term growth remain very solid.
Daimler boss warns of Q2 loss
German newspaper Sueddeutsche Zeitung has quoted Daimler's CFO Bodo Uebber as saying the company may post a loss and fire workers in the second quarter of 2009, due to volatile markets. "One thing has to be made clear: Due to volatile markets I cannot rule out a loss in 2009," Uebber said.
Galadari offers Mazda auto loans
Dubai-based Galadari Automobiles has announced it is offering auto loans for all Mazda cars. The sole distributors for Mazda vehicles in the UAE have arranged agreements with banks and financial institutions for the offer, including a 0% down payment.
GB Auto posts Q1 profit despite sales slump
Net income at Egypt's GB Auto slumped 91.5% for Q1 2009, falling to LE7.2m, with sales dropping 41.8% to LE642m. GB Auto's gross profit margin was LE85.2m, a decline of 3.8% year-on-year. CEO Dr. Raouf Ghabbour, said: "We have refrained from pushing new units into an already over-stocked market, given incentives and support to our distribution network, and worked diligently to reduce costs throughout our operations.'
Car sales drop by 20% in Abu Dhabi
Syed Humayun Alam, assistant general manager of Abu Dhabi's Nissan distributor, Al Masaood Automobiles, told Khaleej Times that car sales in Abu Dhabi have dropped by 20% during the first four months of 2009 compared with same period last year, as banks have increased interest rates and salary requirements. Alam has expressed hope of higher sales after the month of Ramadan.
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