stc Group Signs Strategic Agreements to Enhance Local Content

stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
TT
20

stc Group Signs Strategic Agreements to Enhance Local Content

stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh

stc Group has signed a raft of new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh, with the aim of enriching the local economy.

Prince Mohammad Bin Khalid Al Abdullah Al-Faisal, the chairman of the Board of Directors of stc Group attended the signings.

stc Group was represented at the Forum by its Rawafed program which also participated in a workshop dedicated to improving localization of procurement and supply chains.

The annual event brings together policymakers, key local private-sector players, visionaries, and industry leaders to discuss and catalyze and accelerate economic growth opportunities within the Kingdom’s private sector.

Commenting on the stc’s participation, CEO Olayan Al-Wetaid said: “We welcome the opportunity to participate once again at the PIF Private Sector Forum – a brilliant space to reaffirm our commitment to driving forward the Kingdom's economic agenda. At stc Group, we are dedicated to providing world-class connectivity, driving digital transformation, and empowering sustainable growth.”

He added that the signed agreements reflect stc Group’s commitment to cooperating with various local partners, and empowering innovation, and contributing to enhancing local content in line with Vision 2030's objectives.

The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation. They included a contract with Al Jazea Contracting & Trading Company for the establishment of a grey water treatment plant. The agreement aims to reduce water consumption and achieve broader sustainability goals.

Another agreement was signed with Master Works to enhance the customer experience by expanding stc’s capabilities to monitor new key performance indicators.

An agreement signed with Gazal, PIF’s portfolio company, to provide eco-friendly mobility movement at stc Group’s headquarters. An agreement was also signed with Simah to develop a system for integration and validation of partner data, enhancing the onboarding process, in an initiative called “Partner Hub Enhancement.”

During the forum, a contract was signed with Middle Sea for Telecommunication Establishment, Prime Gate Company, and Awnas Contracting Company to modernize infrastructure and advance sustainability efforts, specifically focusing on offloading of stc OSP (outside plant) infrastructure.

Capping stc Group’s involvement, Rawafed participated in the "Maximizing Local Content in Procurement" workshop and exhibition. The event provided the opportunity for direct registration to local partners, allowing them to showcase technological investment opportunities and provide examples of how stc Group is one of the Kingdom’s best-practice leaders in localization.

The workshop also provided an opportunity to exchange expertise and insights on how local procurement and localization of supply chains can be bolstered.

The PIF Private Sector Forum attracts elite policymakers and prestigious local private-sector institutions, along with prominent figures and specialists in the sector. It serves as a platform for dialogues to review ways of supporting local content and enhancing opportunities for private sector growth in the Kingdom.



Tesla's China Sales Hit Record High in 2024, Bucking Global Decline

FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
TT
20

Tesla's China Sales Hit Record High in 2024, Bucking Global Decline

FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)

US electric vehicle maker Tesla said on Friday its China sales rose 8.8% to a record high of more than 657,000 cars in 2024, a strong performance in a competitive market in a year when its annual global deliveries fell for the first time.

Tesla's sales in the world's largest auto market also increased 12.8% in December from a month earlier to a record high of 83,000 units, according to Tesla China.

In 2024, Tesla delivered 36.7% of its cars to customers in China, its second-largest market, based on the sales figures.

However, its global deliveries slid 1.1%, missing CEO Elon Musk's earlier prediction of slight growth, with exports from China falling by 24%. Reduced European subsidies, a US shift toward lower-priced hybrid vehicles and tougher global competition, especially from China's BYD , were a drag on sales, Reuters reported.

In December, Tesla's China-made EV sales including exports to Europe and other markets edged down 0.4% from a year earlier to 93,766 units, according to data from the China Passenger Car Association (CPCA) on Friday, pushing Tesla to the first annual decline in deliveries from its Shanghai plant.

Full-year sales of China-made Model 3 and Model Y vehicles, including domestic China sales and exports, slid 3.3%. Exports from China dropped to about 260,000 last year, their worst performance since 2021, according to Reuters calculations based on Tesla and CPCA figures.

The US EV maker's exports to Europe from its most productive factory were overshadowed by a year-long subsidy investigation against China-made EVs launched by the EU's European Commission, which imposed in October a 7.8% tariff on Tesla cars from China.

The carmaker's record China sales while its worldwide deliveries fell is reflective of the global EV landscape as China is the only major market seeing robust growth versus a slowdown or even slide in other markets, said John Zeng, head of market forecast for China at London-based consultancy GlobalData.

China accounted for 70% of global sales of EVs and hybrids in the first 11 months of 2024, and over 90% of an increase in global EV and hybrid sales over last year came from China, industry data showed.

With full-year global sales of 1.79 million cars, Tesla was still narrowly ahead of BYD, whose EV sales grew 12.1% to 1.76 million globally.

The US EV giant downsized its global workforce last year in the face of tepid demand and stiffer competition from Chinese EV makers, and cut the size of its China sales team.

As an EV price war in China enters a third year, Tesla has extended a 10,000 yuan ($1,369.99) discount on outstanding loans for its best-selling Model Y as well as zero-interest financing of up to five years for some Model 3 and Model Y cars until the end of this month.

BYD, which has led a cost-cutting competition with its Dynasty and Ocean series of EVs and plug-in hybrids, overshot its sales target, with passenger vehicle sales up 41% to over 4.25 million units last year.

The Chinese EV champion's overseas shipments rose 71.9% to 417,204 units, or 9.8% of its global sales, missing its export target of 450,000 for 2024, as it faces a 17% additional tariff, the lowest the EU has assigned Chinese EVs from China.

Nearly one out of five BYD cars sold out of China was in Brazil, where BYD and its contractor Jinjiang Group are facing investigations by Brazilian authorities into the conditions of Chinese workers at the construction site of a local BYD factory.