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.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Afghanistan fixtures
- v Australia, today
- v Sri Lanka, Tuesday
- v New Zealand, Saturday,
- v South Africa, June 15
- v England, June 18
- v India, June 22
- v Bangladesh, June 24
- v Pakistan, June 29
- v West Indies, July 4
Company%20profile
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Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Killing of Qassem Suleimani
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UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
The%20specs
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More coverage from the Future Forum
Results:
6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres
Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)
7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m
Winner: Silva, Oisin Murphy, Pia Brendt
7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m
Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash
8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m
Winner: Drafted, Pat Dobbs, Doug Watson
8.50pm: Handicap (TB) | $175,000 (D) | 1,600m
Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav
9.25pm: Handicap (TB) | $175,000 (T) | 2,000m
Winner: Oasis Charm, William Buick, Charlie Appleby
10pm: Handicap (TB) | $135,000 (T) | 1,600m
Winner: Escalator, Christopher Hayes, Charlie Fellowes
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The%20specs
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