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Volkswagen sales rise in Middle East
Volkswagen sales in the Middle East have risen up to 30 percent in 2008 compared to 2007, according to William Belair, regional sales manager of Volkswagen. Although global demand has slowed by 50%, the manufacturer has over 11,000 units this year. And despite the economic downturn, the manufacturer is expecting similar growth in the region next year, reported Gulf News.
Kuwait considers Aston Martin part sale
Kuwait's Investment Dar has said that it is considering offers to sell up to 20% of British carmaker Aston Martin and is seeking to borrow up to KD300m ($1bn) to refinance debt. The Islamic investment firm, which bought half of Aston Martin in 2007, is studying offers to sell a 10% to 20% stake in the carmaker on behalf of itself and some of its partners.
Toyota may face $1.1bn H2 loss
Japan-based car manufacturer Toyota has said that it may face operating losses in the second financial half of up to $1.1bn as global demand slumps. The predicted figures would see the company's annual profits fall by up to 80% as it lowers its earnings forecasts.
GMC cars upbeat on Abu Dhabi show
The all new Chevrolet Camaro, Cruze, Malibu and Traverse will be on display, alongside the new GMC Sierra Denali at the 2008 Abu Dhabi International Motor Show. The cars will be shown at the Bin Hamoodah Automotive stand. Bin Hamoodah has reported year-on-year sales up by 63% over the first nine months of 2008.
Suzuki posts 15% growth in Qatar in Q1
Japanese automobile manufacturer Suzuki Motor Corp has announced that Teyseer Motors, its sole authorized distributor in Qatar, posted 15% sales growth in the first half of 2008 over the same period in the previous year. Suzuki's Grand Vitara compact utility vehicle, Swift sporty car, and APV Family Van proved to be the fastest sellers in the Qatar market. Teyseer Motors opened a new showroom for the commercial segment of the APV to further highlight the success of the model.
Mazda6 Ultra unveiled in Oman
The new Mazda6 Ultra is now on sale in Oman. Compared to the new Mazda6, the Mazda6 Ultra rides on a wheelbase 65mm longer (2,790mm) with wider front and rear tread. Overall length is 185mm greater (4,920mm), width rises by 45mm (1,840mm), and boot volume is increased to 556L (VDA). This larger package not only facilitates increases in every significant interior measurement, it also moves Mazda6 Ultra to the top of the CD segment. The 3.7 liters, V6 engine delivers 275 HP at 6000 rpm and 188 HP comes from 2.5 liters engine at 6000 rpm, according to a press statement.
Aveo5 enters Middle East market
GM Middle East has announced the availability of Chevrolet Aveo5 in showrooms across the Middle East. Customized car aficionados have several options to personalize their Aveo5. The Aveo5 is powered by a 1.4 litre engine, which delivers 103 hp (net) @ 6200 rpm and a maximum torque of 130 Nm (net) at 3400 rpm and it is available with either the 4-speed automatic or 5-speed manual transmission.
Mercedes sales up 18% in ME
Mercedes Benz sales rose 18% in the Middle East in the first 11 months of this year compared to the same period last year, Frank Bernthaler, director of sales and marketing for Mercedes-Benz in the Middle East and Levant, told Gulf News. Bernthaler said that sales reached 18,000 cars this year, in comparison to last year's 15,200 in the same period.
UAE auto market tops in region
The UAE automotive market continues to outperform regional peers and is one of the fastest growing markets in the world, according to BMI's latest UAE Automotives Report. Car sales in the UAE rose by 37% year-on-year in the first half of the year, the highest growth among the markets of the Gulf. In a country where the cost of living is accelerating, the market will be increasingly price responsive, giving non-luxury brands potential for growth through their top-of-the-range models, which tend to be priced lower than their luxury brand equivalents. BMI expects price discounting in an increasingly competitive market, with the exchange rate set to determine demand, giving US manufactured vehicles an edge over European and Japanese rivals.
Ford CEO will work for $1 per year to get loan
Ford's chief executive, Alan Mulally, yesterday pledged that he will work for an annual salary of one dollar if the struggling carmaker has to take government money as part of a $25bn bail-out of the US car industry. Mulally also vowed to sell Ford's fleet of corporate jets, cancel all next year's bonuses, close more plants, trim its dealer network and speed up work on developing electric vehicles in a bid to gain support from the US congress.
VW Middle East launches personal configurator
Volkswagen Middle East is offering customers the ability to configure their vehicle with the launch of an Online Car Configurator, available on the Volkswagen Middle East website. The configurator will allow customers to select a model and choose from a range of options and trims to create their ideal Volkswagen car. Options include paint colour, engine size, upholstery, optional equipment, wheels, interior colours and packages.
Middle East important to GM sales
The Middle East - although only 2% of its global sales - now serves as the 'silver lining' of the beleaguered US car maker General Motors. GM sales in the UAE have been increasing by 13% year-on-year. Sales went up from 108,000 vehicles in the first 10 months of 2007 to 122,000 in the same period this year.
Emirates NBD launches new auto loans
Emirates NBD is to broaden its existing auto finance offerings with the launch of brand new auto loans packages, which provides Emirates NBD existing and potential customers with 'road-ready' loans. The new offering features complimentary Salik card, online Salik recharge, Road Transport Authority and Dubai police fine payments, annual car registration renewal service, roadside assistance, a free bank account, a free credit card for the first year and motor insurance with preferred pricing.
Audi ME sales up in October
Audi Middle East has said in a statement that its October sales results have increased to 42% over its 2007 performance in October and are 21% higher for 2008 overall, compared to the year before. According to a senior executive of the company, Audi switched to US dollar invoicing in 2006 as it looks into continued stability in prices as well as resale values.
Banks rejecting more car loans in Gulf
A General Motors official said the number of vehicle loan applications being rejected by banks in the Middle East has risen from 5% to more than 20% due to the global financial crisis, Gulf News has reported. The UAE and Qatar are among the markets that have seen a significant rise in these cases. The situation is different in Saudi Arabia, where there are more cash buyers than customers purchasing cars through bank financing, General Motors Middle East operations president Mike Devereux said.
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