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UAE Mercedes Benz dealer plans financing venture
Rashed Abdul al Fahim, the managing director of Al Fahim Group, the holding company behind Mercedes-Benz dealerships in Abu Dhabi, told The National that sales have dropped by 20% to 25% in the first quarter but that it was working with Mercedes-Benz's parent company Daimler to establish Daimler Financial Services in the Emirates by the end of 2009. The Al Fahim Group is moving to a new building in Musaffah, just outside Abu Dhabi, next month, which will be the largest Mercedes Benz facility in the world.
UAE dealer teams with banks to boost auto market
Al-Futtaim Automotive, the UAE's largest automotive distributor, has signed deals with leading banks in the country to provide new credit facilities to help buyers finance their purchases. Under the new scheme auto loans will be available to customers earning a monthly salary of Dhs4,000 and above, which is well below the typical salary criteria of Dhs10,000. The dealer is also offering zero down payment and interest rates from 5.5%.
TAC launches Temsa's super bus in Oman
Towell Auto Centre, the sole distributor of Temsa buses in Oman has launched Safari SD, the new super bus from Temsa. With an overall length of 12 metres, the coach is designed for long-distance journeys, offering ergonomically reclining seats with adjustable pitch and reduced noise levels.
GM may announce sale of Hummer
General Motors may make an announcement today that it has sold off its Hummer brand of vehicles as part of a restructuring plan to win more government bailout funds, The New York Times has reported. A Hummer spokesman acknowledged that GM was trying to find a buyer for the brand, and said an announcement about the fate of the oversized sports utility vehicle could be made today. Sales of Hummers tumbled 51% last year.
Peugeot Citroen sacks CEO Streiff
France's largest car manufacturer Peugeot Citroen has fired Christian Streiff, due to the "extraordinary difficulties" facing the industry. The French government has already agreed to lend Peugeot Citroen and its rival Renault €3bn. Philippe Varin, current CEO of Anglo-Dutch steel group Corus, will replace Streiff as CEO from 1 June.
GM's CEO resigns
After eight years of running the largest automaker, Rick Wagoner has stepped down as CEO of General Motors. His resignation, which came after pressure from the White House, happeened on the eve of the US President Barak Obama's unveiling of his plan to stimulate the US auto industry. Wagoner said he was asked to 'step aside' by Washington. Chief Operating Officer Fritz Henderson is expected to replace him as CEO.
Qatar eyes German brand investment
Qatar plans to invest in the German automotive industry. This will make it the second Gulf Arab state to eye the country's carmakers in a week. Abu Dhabi's state-controlled IPIC has already announced that it has bought a 9.1% stake in Daimler for $2.7bn via exchange-listed investment vehicle Aabar.
Peugeot names new Bahrain dealer
Zayani Motors have been appointed as the new and exclusive dealership of French brand Peugeot in Bahrain. The announcement was made following the official end of the collaboration between Peugeot and Bahrain-based distributor Mohammed Jalal and Sons Group.
Mercedes-Benz plant to shut temporarily
Mercedes-Benz' plant in South Africa is planning to shut its East London production plant for four weeks in April and a further four weeks from the last week in May, Reuters has reported. The cutback endures the current economic pressures and has two days without production in March while another one is planned on April 3.
Land Rover dealer unveils new aftercare offer
MTI Automotive, the sole importer of Land Rover in Egypt, has launched a new aftercare package for customers who purchase one of their LR2 or LR3 Land Rover models. The offer, known as '5+5+2', gives customers of a newly purchased Land Rover five years warranty, five years of total care with road side assistance, and the option of two years credit with zero interest.
Kia Sportage gets poor ratings in vehicle roofs tests
The Kia Sportage sport utility vehicle received poor ratings in new roof strength tests designed by the insurance industry to measure how vehicles might perform in a serious rollover crash. The Volkswagen Tiguan, Subaru Forester, Honda Element and Jeep Patriot received top scores on the tests of a dozen small sport utility vehicles conducted by the Insurance Institute for Highway Safety.
Grand Prix tickets to go on sale
Abu Dhabi Grand Prix organizers have confirmed that tickets for the event will go on sale by the end of March. The race is to be held over the weekend of Oct 30 - Nov 1 at the Yas Marina Circuit. Over 50,000 spectators are expected on each day of the race weekend.
Aabar buys 9% Daimler stake
Aabar Investment, which is owned by the government of Abu Dhabi, has announced that it has bought a 9.1% stake in Germany-based Daimler in a deal worth $2.72bn. The new deal will make the Abu Dhabi firm the biggest shareholder in Daimler besides the 6.9% owned by Kuwait government.
Tata Nano on sale in India
The world's cheapest car, Tata Motors' Nano, is expected to hit the roads of the Indian city of Mumbai today. The small car, which will cost around $1,900, is expected to be well received locally and internationally, although its Gulf roll out will be delayed as the car must be upgraded to meet safety requirements.
Qatar car rental firms hike tariffs
Some Qatar rent-a-car companies have hiked their tariffs up by at least 10 to 20%. There are no rules regulating the rentals and they vary from one company to another. Car rental tariffs vary also according to brand and the age of the vehicle. Models starting from 2007 and above cost more compared to older ones.
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