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Saudi Arabia’s Balady Platform Shares its Experience at SDG Digital Event

Balady platform was selected from among 300 regional and international technical initiatives to present its experience. SPA
Balady platform was selected from among 300 regional and international technical initiatives to present its experience. SPA
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Saudi Arabia’s Balady Platform Shares its Experience at SDG Digital Event

Balady platform was selected from among 300 regional and international technical initiatives to present its experience. SPA
Balady platform was selected from among 300 regional and international technical initiatives to present its experience. SPA

Saudi Arabia’s Balady digital city platform shared its pioneering experience in digital municipal operations services at the high-level SDG Digital event in New York.

The event was convened by the International Telecommunication Union (ITU) and the United Nations Development Program (UNDP).

The Saudi platform presented its experience in providing innovative services aiming to enrich the future of dwellers of Saudi cities and improve their quality of life and prosperity through its digital municipal service system.

Balady platform was selected from among 300 regional and international technical initiatives to present its experience about challenges facing the achievement of sustainable development.

The platform showcased its pioneering efforts in leading urban development and providing innovative municipal services globally to exchange global expertise with other participating parties at the event.

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EV Firm Lotus Tech Slashes Annual Deliveries Forecast as EU, US Tariffs Weigh

British sports car maker Lotus unveils its new fully-electric "Emeya" Hyper-GT in New York City, US, September 7, 2023. REUTERS/Caitlin Ochs Purchase Licensing Rights
British sports car maker Lotus unveils its new fully-electric "Emeya" Hyper-GT in New York City, US, September 7, 2023. REUTERS/Caitlin Ochs Purchase Licensing Rights
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EV Firm Lotus Tech Slashes Annual Deliveries Forecast as EU, US Tariffs Weigh

British sports car maker Lotus unveils its new fully-electric "Emeya" Hyper-GT in New York City, US, September 7, 2023. REUTERS/Caitlin Ochs Purchase Licensing Rights
British sports car maker Lotus unveils its new fully-electric "Emeya" Hyper-GT in New York City, US, September 7, 2023. REUTERS/Caitlin Ochs Purchase Licensing Rights

EV firm Lotus Technology slashed its deliveries forecast for the year by more than 50% on Wednesday, citing uncertainty posed by new tariffs in the United States and the European Union.

Import tariffs imposed by the European Union, the United States and Canada on China-made EVs have added pressure on companies manufacturing their vehicles in China, adding to costs.

"After assessment of the evolving market conditions, and uncertainties posed by new tariff policies in US and EU, the company has revised its delivery target for 2024 to 12,000 units," the company said, according to Reuters.

The company is headquartered in the Chinese city of Wuhan and produces cars through a partnership with parent firm Geely .

Lotus Tech, which focuses on all-electric lifestyle vehicles, is part of British sports car maker Lotus Group, which is owned by Chinese automaker Geely and Malaysia's Etika Automotive.

The company was valued at about $7 billion in a deal with a special purpose acquisition company when it went public in February, but its value has since fallen to about $3.8 billion.

After China and Europe, the company began taking orders for the Eletre SUV in markets across the Middle East, Asia and the Americas.

Deliveries for the three months ended June 30 stood at 2,679 units, compared with 2,194 vehicles in the first quarter.

Revenue for the second quarter was $225 million, compared with $111 million a year earlier.

Lotus Tech said its net loss widened to $202 million in the April-June period from $193 million a year earlier.

Its plans to expand and entry into new regions have led to higher selling and marketing expenses, which rose 73% to $204.3 million in the quarter.