Saudi Arabia to Host First of its Kind Motor Show for Electric, Hybrid Cars

This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
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Saudi Arabia to Host First of its Kind Motor Show for Electric, Hybrid Cars

This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)
This photo taken on July 21, 2017 shows Mahindra's electric car "e2o Plus" plugged in for charging at a showroom in New Delhi. (AFP)

Saudi Arabia will host the first of its kind e-Motor Show in the Middle East for electric and hybrid cars between February 25 and 28, with the participation of major car manufacturers and agents.

The e-Motor Show-Middle East will highlight recent developments in the electric and hybrid vehicles sector and clean technologies in the region, which are expected to become a natural part of the environmental transportation system, given the advanced technical capabilities and the promising opportunities.

Saudi Vision 2030 encourages such industries that help build a competitive economy along with sustainable development and infrastructure that promotes the realization of the Kingdom’s strategic short and long terms objectives.

The show also aims to enhance public awareness about electric and hybrid vehicles, which reflects the future of transportation in the Kingdom.

In addition, investing in such types of vehicles is an important trend, both in terms of manufacturing, various applications, import and export.

Chairman of the Cars Agent National Committee at the Council of Saudi Chambers Faisal Abu Shusha said it was a “matter of pride” that such an important event is being organized inside the Kingdom.

He described it as a stepping-stone towards a prosperous future for modern transportation.

Abu Shusha stated it is important to prepare relevant policies and regulations pertaining to the electric vehicles (EVs) industry in both a clear and proactive manner.

He also called for activating the role of the private sector to provide new job opportunities and enhance the utilization of this technology.

Investing in the field of manufacturing electric vehicles in the Kingdom is something worth studying, especially as it falls in line with Vision 2030 and the national industry development program, he remarked.



Apple Supplier IQE to Launch Strategic Review as It Warns of Flat Revenue This Year

Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
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Apple Supplier IQE to Launch Strategic Review as It Warns of Flat Revenue This Year

Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)
Apple iPhones are seen inside India's first Apple retail store during a media preview, a day ahead of its launch in Mumbai, India, April 17, 2023. (Reuters)

British semiconductor wafer maker IQE said on Monday it would start a strategic review of its assets and consider a full sale of its Taiwan operations, as it warned that group revenue would not grow this year due to a weaker-than-expected sector recovery.

The Apple supplier had announced in July plans to launch an initial public offering for its Taiwan business on the local stock exchange, while retaining control of the unit, but said on Monday that it was now looking at all options.

Shares of the company skidded 15% to 9.02 pence in early trading. They have dropped about 54% this year.

"We will continue to further optimize our operations, restructuring and right-sizing our business," an IQE spokesperson said.

The company, which last month announced the immediate departure of CEO Americo Lemos, has been navigating a challenging financial environment with a sluggish recovery in the semiconductor industry and the growing significance of supply chain security over cost, amplified by rising US-China tensions.

Its peers, including US-based Apple supplier Skyworks Solutions and Chipmaker Qorvo, have all reported soft quarters and guidance over the quarter.

IQE had earlier expected both annual revenue and adjusted core profit to grow.

IQE, whose 'epi-wafers' are used in the Apple iPhone's facial recognition sensors, said it expects 2024 revenue to be around 115 million pounds ($145.27 million), or flat year-on-year.

An LSEG poll of three analysts had forecast full-year revenue of 132.59 million pounds.

IQE said it expects full year adjusted core profit of at least 5 million pounds. Analysts, on average, had forecast core profit of about 12.5 million pounds, according to the LSEG poll.