Known globally for its trucks and muscle cars, General Motors has scored a surprise hit in China with its local partners: a petite electric vehicle that sells for less than $5,000.
The Hongguang Mini EV, made by SAIC-GM-Wuling Automobile, is currently the hottest EV in China, the world’s biggest car market. Sales of the compact four-seater beat industry giant Tesla in August, with consumers wowed by its tiny price tag – the EV retails for between 28,800 Chinese yuan (Dh15,500/$4,230) and 38,800 yuan – and its ability to run for as many as 170 kilometres on a single charge. Orders exceeded 30,000 units in just 50 days.
The MINI EV’s runaway success underscores the latent demand for electric cars at the right price point. Tesla earlier this week said it plans to build a $25,000 EV in about three years. One of the biggest challenges in making EVs cheaper is the battery, which currently represents about one-quarter of a car’s cost because of the expensive metals used, such as lithium, cobalt, nickel and manganese.
“A lot of consumers don’t need anything fancy, a commute is all they ask from a car,” said Yale Zhang, founder of AutoForesight, a Shanghai-based consultancy. “I’m all for a product like the Mini EV.”
The car is also a fillip for GM in China, whose market share has been on the decline. The US car maker said in January it sold about 3.1 million vehicles in China in 2019, down 15 per cent on 2018. The Detroit-based firm’s slump has been exacerbated by the trade war with the US, and sales of its Buick and Chevrolet brands have taken a beating.
It may be tough for SAIC-GM-Wuling to maintain its number one position but it can probably at least remain in the top three, according to Cui Dongshu, secretary general of the China Passenger Car Association.
That’s even despite the Mini EV not attracting any government subsidy because of its range of less than 250 kilometres (buyers who purchased an EV in China before July 1, 2019 used to receive a subsidy of 60,000 yuan, which fell to 21,000 yuan this year).
One reason is that the Mini EV, or cars of its ilk, could emerge as a replacement for the many low-speed electric vehicles (LSEV), a mode of transport that’s largely indigenous to China and that covers electric bikes and tricycles. In 2018, about 45.4 million LSEVs were produced.
LSEVs are used mainly in rural areas or by elderly residents in cities who want to travel short distances around the neighborhood for shopping and errands. Under the current regulatory framework, there aren’t any rules governing the production and sale of electric vehicles with top speeds below 100 kilometers per hour.
The result has been a proliferation of cheap, poorly made EVs powered by polluting lead batteries that pose a threat to road safety and the environment, the Ministry of Industry and Information Technology said in 2016. The ministry said later that it has been working on a regulatory framework governing this category of product.
“That’s a huge market for EV makers to grab,” Mr Zhang said. “SAIC-GM-Wuling has made it possible to sell its EV at a competitive price against gasoline cars without any government subsidy. That’s some milestone. It’s testimony to their strength on cost control and supply-chain management.”
Consumers like Zhang Wu are also impressed. Mr Zhang, a retired factory worker in his late 60s, drives a LSEV with no branding or bells and whistles to speak of. It cost 13,000 yuan and he uses it mainly to ferry his grandson to school and back.
The MINI EV “looks way better than my car,” said Mr Zhang, who lives in a suburb in Beijing’s outskirts. “I always feel a bit nervous in this low-speed car because it’s kind of shaky.”
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
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ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
SPECS
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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South Korea
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
