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.



Musk's SpaceX Preparing to Launch Tender Offer in Dec at $135/share, FT Reports

Elon Musk, chief executive officer of SpaceX and Tesla, attends the launch of SpaceX's Starlink internet service in Indonesia at a sub district community health center in Denpasar, Bali, May 19, 2024. (Reuters)
Elon Musk, chief executive officer of SpaceX and Tesla, attends the launch of SpaceX's Starlink internet service in Indonesia at a sub district community health center in Denpasar, Bali, May 19, 2024. (Reuters)
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Musk's SpaceX Preparing to Launch Tender Offer in Dec at $135/share, FT Reports

Elon Musk, chief executive officer of SpaceX and Tesla, attends the launch of SpaceX's Starlink internet service in Indonesia at a sub district community health center in Denpasar, Bali, May 19, 2024. (Reuters)
Elon Musk, chief executive officer of SpaceX and Tesla, attends the launch of SpaceX's Starlink internet service in Indonesia at a sub district community health center in Denpasar, Bali, May 19, 2024. (Reuters)

Elon Musk's SpaceX is preparing to launch a tender offer in December to sell existing shares at a price of $135 per share, the Financial Times reported on Friday, citing people with knowledge of the discussions.

The tender offer would value SpaceX at more than $250 billion, according to the report.

SpaceX did not immediately respond to a Reuters request for comment, according to Reuters.

Musk, the world's richest person, is expected to wield significant influence in Washington to secure favorable government treatment for his companies, including SpaceX, after Donald Trump's victory for a second presidency.

Musk's dream of transporting humans to Mars could also become a bigger national priority under Trump, Reuters reported earlier this month.

NASA's Artemis program, which aims to use SpaceX's Starship rocket to put humans on the moon as a proving ground for later Mars missions, is expected to focus more on the Red Planet under Trump and target uncrewed missions there this decade.

Under Trump, SpaceX is also expected to push for even softer regulations on worker safety and safety of participants in private space flights in orbit.

A Reuters investigation last year documented at least 600 worker injuries at SpaceX facilities across the US, and how SpaceX disregarded safety regulations and standard practices.