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Coscharis, Sterling Bank collaborate on e-commerce, vehicle finance

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Coscharis Motors Plc says it is collaborating with Sterling Bank towards making its vehicles available for people through the bank’s non-interest banking division platform – AltDrive.

According to a statement by the auto firm, the objective of the scheme is to ease the road to ownership via e-commerce transactions which can be self-funded or financed by the bank.

The statement quoted Abiona Babarinde, General Manager, Marketing and Corporate Communications at the Coscharis Group, as saying the idea was to provide customers an online retail marketplace that would offer them one-stop boutique to access and purchase any vehicule brand sold by Coscharis Motors either through self-funding or credit finance from Sterling Bank.

He said, “The primary objective of this collaboration is to provide our customers an e-commerce platform with a credible financial institution like Sterling Bank as an extension of our showrooms where they can access our robust brand portfolio which includes iconic brands like Ford, Renault, BMW, Jaguar and Land Rover at a go on one hand.

“On the other hand, the partnership offers a vehicle finance scheme, which is aimed at empowering retail and fleet buyers to purchase their choice vehicles from any Coscharis Motors outlet nationwide through a repayment plan with Sterling Bank.

“Accordingly, the scheme will allow a repayment pattern spread over a period of five years with the option of a 15% to 30% down payment.”

Babarinde also stated that the focus was to deliver customers satisfaction given the bank’s friendly interest rate, ease of accessibility, quick turnaround time for credit processing at the bank and availability of myriads auto brands”

He said, “We took this strategic decision earlier in the year to collaborate with relevant stakeholder partners to be able to give our numerous discerning customers and prospects alike the soft landing of owning any of our vehicles with ease in terms of providing friendly financial schemes.

“We started this initiative with one of our sister companies in the group, Coscharis Mobility, representing Sixth in Nigeria amongst some other financial institutions while others are in the pipeline to come on board. This ultimately gives anyone the capability to purchase any of our brands with a more convenient payment terms with any of our partners like the Sterling Bank.”

In addition to the financial scheme, Coscharis Motors said it also delivers complementary vehicle registration, insurance and vehicle maintenance packages from two to five years.

 

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CIG upgrades Lagos auto plant to CKD, plans 5,000 vehicles yearly

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A new auto assembly plant being constructed by CIG Motors Company Limited in conjunction with the Lagos State Government has been upgraded from Semi-Knocked Down (SKD) vehicles to Complete Knocked Down vehicle components (CKD), the state governor, Mr Babajide Sanwo-Olu, has said.

The governor disclosed this on Thursday during an inspection of the construction work at the Ogba project site, adding that the plant to assemble GAC brand of vehicles, would be ready by the end of this year.

The governor was received by the Chairman of the CIG Motors, Chief Diana Chen.

A statement by Gboyega Akosile, the governor’s Chief Press Secretary, said Sanwo-Olu, who inspected the fully equipped assembly hall already constructed in the assembly yard, said the plant would produce 5,000 new vehicles and gradually increase to 10,000 units annually.

Part of the statement read, “Sanwo-Olu’s visit came 17 months after the governor formally sealed a Joint Venture Agreement with the automobile company for the establishment of a vehicle assembly plant in the state.

“The plant, expected to be delivered by the end of the year, will have a jointly-run factory for the production of different classes of brand new cars.

“Establishment of the vehicle assembly plant in Lagos was part of the bilateral agreements reached by the state government and Chinese investors’ community in November 2019 during Sanwo-Olu’s business trip to China.

“IBILE Holdings Limited, a state-owned corporation, is supervising the investment on behalf of the Lagos State Government.

“Other ancillary facilities already in place in the yard include wheel balancing chamber, spraying booths, maintenance hall, noise testing chambers, sprinkling arena to test for roof leakage, staff lounge and auto parts warehouse.”

The statement quoted Sanwo-Olu as saying, “This is one of the things we promised Lagosians. Apart from our relationship with CIG Motors, there is a partnership in which we are setting up a vehicle assembly plant.

“This is becoming a reality, as the site is live with structures and assembly equipment. The place has been well prepared for the production of vehicles. We initially agreed it would be SKD (Semi Knocked Down) but now the facility has moved to CKD (Completely Knocked Down).

“We are hoping that their first plan is to have a production capacity of 5,000 vehicles, after which it will be pushed to 10,000 vehicles per year.

“We are happy with the level of work at the site and the commitment of our partner to this project. The plan is that we want to stop buying fully built vehicles from abroad; we want to be able to have an assembly line where we can employ our citizens in an automobile production chain.”

According to him, the automobile assembly plant will create employment opportunities for local skilled workers, as 95 per cent of the workforce would be sourced locally.

“Also, some of the parts used in the assembly plant would be sourced locally, including air conditioning system, valves, ball joints, bolts and nuts, and batteries.”

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Ford to use renewable energy sources for vehicles

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Ford Motor Company has said every vehicle it manufactures in Michigan will be assembled using solar and other renewable energy sources as from 2025 in order to lower their emissions.

Ford Motor, General Electric and Xerox are among more than 90 companies and organizations that pledged in February to reduce their carbon emissions by at least 50 per cent by 2030—without the use of offsets.

Already, Reuters reports that Michigan-based Ford has signed a renewable energy purchase pact with local provider DTE Energy, under which the utility firm will add 650 megawatts of new solar energy in the state for the automaker.

Ford operates three plants in Michigan at Dearborn, Wayne and Flat Rock that build the F-150, Mustang, Ranger and Bronco models.

Ford and other firms made that ambitious commitment as part of the US Department of Energy’s Better Climate Challenge programme.

In addition to helping the environment, the new initiative could help companies save money, foster innovation and add a new dimension to corporate activism.

John Savona, Ford’s vice president for manufacturing and labour affairs, said in a statement, “We’re proud to be the first automaker to join the Better Climate Challenge and to continue our commitment to reducing the greenhouse gas emissions from our US manufacturing facilities.

“We’re acting now to develop a ultra-efficient, closed-loop manufacturing system, creating jobs here in the United States. And we’re sharing what we learn to help other businesses and drive to a zero-emissions transportation future that’s good for people, good for business, and good for the planet.”

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Porsche Taycan Turbo S sets new EV production record, beats Tesla MSP

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Porsche Taycan Turbo S has set a new record for the fastest production of an electric car, beating the previous record of seven minutes and 35 seconds set by Tesla Model S Plaid by a wide margin.

The automaker stated this on Wednesday, saying it went faster than Koenigsegg CCX or CCR and managed to match the Porsche 911 GT3 RS with its seven minutes and 33 seconds.

The new Nurburgring record, according to arenaev.com, is official and the car was a stock vehicle apart from the compulsory roll cage.

The weight of the car is said to be identical with a production model but the performance can be attributed to the latest Performance Kit from Porsche.

It notes that the improvement is quite magnificent – last time Taycan Turbo went around Nordschleife in seven minutes and 42 seconds.

The report says the Performance Kit will be available from December but in Germany only for now and only for the 2023 Porsche Taycan Turbo S.

With the 2023 cars being already delivered to customers, Porsche plans to offer retrofitting to existing owners, it adds.

Although it is technically road legal, the Pirelli P Zero Corsa had been really designed for track use only and Porsche suggests its customers should swap the wheel and tyre package for the standard road wheels once off the race track. This won’t affect the Performance Kit as the new software can recognize the grip levels and adjust all parameters accordingly.

The report says, “The Performance Kit doesn’t change the power output or add any new aero parts. It is simply a set of 21” RS-Spyder alloy wheels wrapped in road legal Pirelli P Zero Corsa. Those are racing tyres with a special grippy compound but have road approved thread – they aren’t slick tyres.

“Another part of the Performance Kit is the updated software for PDCC – Porsche Dynamic Chassis Control. The new software takes into account the grippy tires and allows for greater acceleration through the corners and improves torque vectoring.”

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