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Olugbemi. Adeyinka Ogunleye

2 days ago

Tinubu Moves To Bring Peugeot, Dunlop Back To Nigeria

President Bola Ahmed Tinubu has given marching order to Nigerian Consumer Credit Corporation (CREDICORP) to ensure return of Peugeot Automobile and Dunlop tyre to the country as Nigeria joins nations with credit facility for the purchase of brand new automobiles. Managing Director/ CEO of CREDICORP Engr. Uzoma Nwagba, confirmed Tinubu’s directive to his agency yesterday at the launch and signing of Memorandum of Understanding ( MoU) for N20 billion consumer credit fund for the purchase of locally assembled automobiles in Abuja between CREDICORP, NAMA and NADDC.

Nwagba said he had gone to brief the President on progress of the agency, with reference to N20 billion credit fund for purchase of locally assembled automobiles by Nigerians. “The President told me: I want to see Peugeot, Dunlop and others come back to the country,” he quoted the president saying. He said CREDICORP was creating a scenario obtained in advanced countries where, people get car automobiles at a single – digit interest rate. CREDICORP for auto purchase will commence in January 2025.

Nwagba said his agency will engage automobile plants in the country working with the National Automotive Design and Development Council (NADDC), the Nigerian Automotive Manufacturers Association (NAMA) to drive down prices of vehicles at an affordable cost for Nigerians. “We are trying to make the financing more available and more easily accessible. Meaning in terms of the rates also, to enable Nigerians have cheaper credits.

We work with financial institutions, and for this particular intervention, we are looking at going over time, targeting a single-digit rate to enable Nigerians to purchase these vehicles. For people who have very strong credits, and who show a good credit history, the financial institutions are taking a bet and a confidence in them for those who are accessing our capital that we are providing, as well as those who are accessing our guarantees. “We know that interest rates are quite high and is one of the discouraging factors and that is the economic reality of Nigeria; one that obviously makes it more difficult to access credit for mobility, is the high interest rates that we have now.

Credit: New Telegraph

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Gbeminiyi Ogunleye

4 days ago

Electric vehicles: S’Africa eyes Nigeria’s lithium, backs bid to join G20
President Cyril Ramaphosa of South Africa has expressed interest in collaborating with Nigeria to harness critical minerals, particularly lithium, to drive the green energy transition and support the development of electric vehicles (EV) batteries.
A statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated that the South African President disclosed this on Tuesday in Cape Town, at the Nigeria -South Africa Business Roundtable.
He proposed leveraging Nigeria’s vast lithium reserves as a cornerstone for industrialisation efforts in the EV sector.
He urged the private sector and development finance institutions to collaborate in building infrastructure and scaling up manufacturing capabilities in this sector
“There is also much opportunity for cooperation on pharmaceuticals. Our two countries are strategically positioned to benefit from the rapid growth of clean energy manufacturing industries.
“South Africa has developed a Just Transition Framework and an Investment Plan that anticipates massive investments in renewable energy and the green economy over the next few years.
“As part of the broader global transition to a low-carbon economy, we must leverage the abundant natural resources that exist in our countries to promote green industrialisation.
“We should leverage each other’s capabilities in minerals processing. We must work together to ensure critical minerals are beneficiated at source. We call on businesses to support and involve themselves in these initiatives,” President Ramaphosa said.
Credit: Vanguard

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Oluwafemi Awodele

5 days ago

Jaguar reveals first concept car after controversial rebrand

British luxury automaker Jaguar has revealed its Type 00 concept car, the first glimpse of a new electric vehicle following a controversial rebrand that has divided opinion.

The manufacturer said it was “introducing an unmistakable, unexpected and dramatic physical manifestation of Jaguar, as the brand continues its transformation,” in a statement published Tuesday after the car was revealed at Miami Art Week.

The Type 00 has a long bonnet (a hood in US English) and a fastback profile, as well as 23-inch alloy wheels. It is presented in two colors: Miami Pink and London Blue

“The former reflects the iconic Art Deco surroundings of its reveal, the latter references its British heritage,” said Jaguar in the release.

While the Type 00 is a concept and will therefore never enter production, it has divided opinion online.

Read more: https://www.cnn.com/2024/12/03/style/jaguar-type-00-electric-car-scli-intl/index.html

 

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Oluwafemi Awodele

5 days ago

2025 Chevy Silverado 1500: Remarkable For Topnotch Technology

The 2025 Chevrolet Silverado 1500 is Chevy’s full-size pickup truck, sitting in between the smaller midsize Colorado and the more robust, more capable heavy-duty Silverado lineup.

There is also an all-electric Silverado Electric Vehicle (EV), which is reviewed separately.

The Silverado 1500 is offered in a variety of trim levels and engine choices to appeal to any truck buyer and budget, from a basic work vehicle to off-road-capable models and a luxurious top-of-the-line trim.

The Silverado 1500 gets a shout-out for its use of technology. The infotainment system is available with a large 13.4-inch touchscreen and benefits from easy-to-read graphics and quick responses to user inputs.

On LT and higher trim levels, drivers can leverage the truck’s Google-based voice recognition system to make infotainment interactions easier and less distracting.

Features such as trailer tyre pressure sensors and auxiliary rearview cameras make towing safer and reduce stress, while GM’s Super Cruise allows for hands-free highway driving. The Ford F-150 is the only other truck with this level of driving automation.

Read more: https://independent.ng/2025-chevy-silverado-1500-remarkable-for-topnotch-technology/

 

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Oluwafemi Awodele

5 days ago

Mercedes-Benz To Cut Multi-Billion Euros In Costs Amid Challenges

Mercedes-Benz, German automaker has unveiled its intention to cut multi-billion euros in costs in response to a deteriorating business environment, a report by dpa-AFX posted on MarketScreener has said.

The report quoted a company representative as saying that the auto company in the coming years would reduce its costs by several billion euros a year.

However, specific cost-cutting measures remain undisclosed, and the potential impact on jobs is currently unclear.

The announcement came as the German automotive industry faces challenges, including the transition to electric vehicles and increased competition in the Chinese market.

Mercedes-Benz justified the cost-saving measures by citing the volatile global economic situation.

“The economic situation remains extremely volatile worldwide. Only by sustainably increasing efficiency will we remain financially strong and able to act,” the representative said.

Mercedes-Benz has emphasised the importance of maintaining financial strength through significant savings, including reductions in fixed costs.

“We are continuing along this path calmly but extremely consistently,” the spokesperson added.

Read on: https://independent.ng/mercedes-benz-to-cut-multi-billion-euros-in-costs-amid-challenges/#:~:text=Mercedes%2DBenz%2C%20German%20automaker%20has,posted%20on%20MarketScreener%20has%20said.

 

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