$1bn investment recorded in auto industry – Minister
The Federal Government has recorded more than one billion dollars’ worth of investments in the automotive industry. Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said this in Abuja on Tuesday when he featured at the 20th edition of President Muhammadu Buhari’s administration scorecard series organsied by the Federal Ministry of Information and Culture.
“Over one billion dollars in investment has been recorded in the automotive sector and we are ready to move on to the next phase for the automotive industry,” the minister said.
He said the review of the National Automotive Industry Development Plan (NAIDP) was almost completed, adding that the plan was going through validation process.
Adebayo restated the ministry’s commitment toward enabling business environment to attract and retain investments.
According to him, the ministry and the Nigerian Investment Promotion Council (NIPC) are committed to attracting and protecting investments that genuinely benefit Nigeria and its citizens.
He said that the revised Bilateral Investment Treaty (BIT) would boost investment.
“Nigeria has successfully revised its model Bilateral Investment Treaty (BIT) to include a specific provision for investment facilitation, which institutionalizes the principle of assisting investors in completing their investments.
“We are proud to offer Nigeria’s first investment policy to the Federal Executive Council (FEC) for approval.
“This strategic statement, which will outline our priorities, aims, commitments, and expectations, is a turning point for the Federal Ministry of Industry, Trade, and Investment and Nigeria as an investment destination,” he said.
Adebayo, who said that Nigeria had Investment Promotion and Protection Agreements (IPPAs) with Singapore, Morocco, and Saudi Arabia to attract and retain investments, said the ministry was developing more.
“We have IPPAs with Singapore, Morocco, and Saudi Arabia to attract and retain investments. The president ratified both accords on Sept. 16, 2022 and we are developing more IPPAs,” he said.
Adebayo said the ministry also distributed 5,571 acceptance certificates worth N7.7 trillion to 2,665,800 firms.
“The acceptance certificates allow businesses claim tax reduction when computing Company Income Tax.
“We also issued more than 130 Production Day Certificates, a crucial Pioneer Status Incentive step,’’ the minister said.
To further accelerate industrialisation, Adebayo said that the ministry was expediting the establishment of Special Economic Zones (SEZs) across the country.
According to him, the special economic zones will increase infrastructure availability and provide fiscal incentives for value addition.
Lamborghini to unveil new supercar replacing Aventador March 29
Lamborghini has announced a new supercar replacing Aventador will be launched March 29, 2023.
Arriving a little over 12 years after the Aventador (LP700-4), the new plug-in hybrid V12 supercar will be known as LB744.
The announcement on social media is coming only a day after Lamborghini showcased the LB744’s digital instrument cluster and steering wheel.
The new supercar will have an all-wheel-drive electric mode, in which case power will be limited to just 180hp.
To access the full 1,000hp coming from the naturally aspirated 6.5-litre V12 and three electric motors, drivers will have to activate Corsa mode.
Lamborghini introduced the Aventador on February 28, 2011.
The firm says the 12-cylinder engine won’t be carried over from the Aventador as it will be an all-new development. It will weigh 37 pounds (17 kilogrammes) less than the old V12 by tipping the scales at 481 lbs (218kg). The ICE will be good for 813 horsepower at 9,250 rpm and 535 pound-feet (725 Newton-meters) of torque at 6,750 rpm.
It will send its output to the road via a new eight-speed, dual-clutch automatic transmission Lamborghini will also install in the Huracan’s replacement late next year.
Housed within the centre tunnel will be a 3.8-kWh battery that can be replenished by the V12 in six minutes, or via the charging port in 30 minutes at seven kilowatts.
The LB744 also has regenerative braking to send the energy that would otherwise be lost to the battery.
Fully charged, Lamborghini says the supercar can do more than six miles (10 kilometres) without sipping any petrol.
The electrified powertrain will cut CO2 emissions by 30 per cent compared to the Aventador Ultimae.
To offset the added weight commanded by the PHEV setup, the new raging bull has a different carbon fibre monocoque (dubbed “monofuselage”) that weighs 10 per cent less than its predecessor. At the same time, it is 25 per cent stiffer. Lamborghini has not announced details about the curb weight, it is distributed 44 per cent front and 56 per cent rear.
Other known facts about the LB744 include a reduced steering ratio (-10 per cent compared to the Aventador Ultimae), rear-wheel steering, and stiffer anti-roll bars (+11 per cent front and +50 per cent rear).
The DCT sits behind the V12 engine to make room in the transmission tunnel for the lithium-ion battery.
New bespoke Bridgestone Potenza Sport tyres are four per cent wider at the front where Lamborghini will install bigger brakes: 410x38mm discs instead of the Ultimae’s 400x38mm discs, and with ten instead of six pistons.
The rear discs are also bigger, at 390×32 mm vs 380x38mm.
The LB744 will be the first of three PHEVs from Lamborghini as the Urus SUV and Huracan successor will both get a charging port in 2024.
It’s easier to design hypercar than small car – VW boss
Volkswagen’s head of design, Andreas Mindt, says it is more difficult to design a small car than a hypercar.
Hypercars are considered as the most superior and high-performance cars on the market worldwide. They are like supercars designed to go fast and deliver thrills while on the road.
Only one percent of cars are classified as hypercars, and they include legendary Ferrari models and Lamborghini Miura.
Mindt recalled that it was “so easy” to design the Bentley Batur as opposed to the VW ID.2all, a small car. Volkswagen ID2.all concept was his first project at the new office.
He said designing the Continental GT-based Batur was easy because it’s a wide and low car with a long hood.
Mindt started his career at the German automotive conglomerate in 1996 and was involved in the design process of the first-generation Tiguan and the Golf Mk7.
He also worked on the Audi A1, Q3, Q8, and E-Tron GT, as well as the 1999 Bentley Hunaudières concept.
He said, “It’s like taking a penalty in football without a goalkeeper. It’s easy to do. A lot of people think hypercar designers are geniuses, but it’s so easy to do. To make a small car like the ID.2all, you have to work hard, and people don’t understand that. It’s harder to design. When you look at things like the Fiat Panda – those are the genius designers in my eyes, not the ones who do hypercars. I don’t want to hurt anyone, but I know both sides of it.”
According to a report by Top Gear, developing a small car is challenging in 2023 what with so many safety and fuel economy regulations while keeping the price low. There are also tremendous packaging limitations, although this is less of an issue for the ID.2 since it’s being developed from day one as a purely electric hatchback. For the Batur or a Chiron where the final price tag isn’t really a major concern, automakers have greater freedom to use more advanced tech thanks to generous development budgets.
VW is said to have an excellent track record when it comes to developing small cars. The Lupo, Polo and Beetle easily come to mind, as does to the subcompact Gol for Latin America.
With the ID2.all, the Wolfsburg-based marque is previewing an all-new electric supermini for 2025.
A cheaper EV has already been announced and will slot below the ID.2 later this decade, with Skoda and SEAT/Cupra equivalents in the pipeline.
On the subject of VW and hypercars, it’s worth noting VW itself toyed around with the idea by releasing the 1997 W12 Syncro, 1998 W12 Roadster, and the 2001 W12 Nardo.
However, those mid-engine concepts sadly never made it to production.
CFAO Nigeria adds Sinotruk Howo brand, targets increased truck share
CFAO Equipment has signed up as a co-distributor of Sinotruk Howo in Nigeria and hopes to increase the market share of the truck brand in the country.
It stated this in a statement obtained on Friday and promised users of heavy-duty trucks and equipment in Nigeria better deals, and a boost in their productivity and profit going forward.
“As an internationally recognized company selling premium automotive brands in Nigeria, the Sinotruk Howo models will be given the CFAO advantage backed by over a century-old service and technical know-how experience in Nigeria,” the firm stated.
According to the company, CFAO has been providing products and services across different countries over the years, giving key products and services being provided to its teeming patrons as automobile and construction equipment.
The firm, it said, had positively contributed to the Nigerian economy for more than 120 years and remains one of the most reliable brands in automobile and automotive solutions.
Amongst other products distributed by the group, CFAO Equipment, (which is under her mobility subsidiary) currently distributes FUSO Trucks, King Long buses and Cargo Vans, JCB Construction Equipment and Toyota Forklift Machines.
It stated, “The company has taken another bold step by adding the renowned Sinotruk Howo brand (N Series) to its line-up, with 371hp, 420hp and 430hp respectively with the following models -Tractor head – 6×4, CNG Tractor head – 6×4, Tipper – 6×4/8×4, Mixer-6×4/8×4 and Rigid chassis 6×4 (up to 30 tons).
“These models come with different specifications and applications depending on the end user needs in construction, logistics or even agricultural usage.”
The statement quoted General Manager of CFAO Equipment, Mr. Francois Van Bladel, as saying, “As a leading automotive company in Nigeria, we have established a wide and efficient distribution network that can deliver the trucks to every part of the country.
“We have the pedigree and the right personnel and technical support for customers, dealers and service centers so they have the necessary skills and knowledge to handle Howo Sinotruk’s products effectively.”
The Sinotruk Howo N series, according to him, offers a combination of competitive price, power, efficiency, comfort, safety, and versatility, making it an excellent choice for commercial trucking applications and long-term service intervals.
He also said with lower-priced service parts, and long life of vehicles of up to 10-15 years, its models and configurations make them suitable for a wide range of commercial applications such as tipper trucks, mixers, cargo or tanker trucks/tractor units.
“The N-series trucks are designed to handle heavy loads and rough terrain, making them ideal for heavy-duty commercial use.
“Also, the N-series is characterized by reliability and ease of activation. It has a feature that is not found in any Chinese-made truck, it is a completely automatic Eaton transmission made in the United States. This way, you can fully enjoy driving the HOWO Trucks with automatic gear shifting,” the statement said.
Head of Sales for Trucks and Buses, CFAO Equipment, Mr. Idris Siyaka, said the partnership would enable CFAO Nigeria to expand its product portfolio with SINOTRUK’s range of high-quality trucks at affordable prices.
He noted that with the overall package of better after-sales support, including maintenance, repairs, and spare parts, businesses could keep their vehicles in good condition and reduce downtime.
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