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Toyota Lights up Abuja Fair With All-new Camry

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  • Toyota Lights up Abuja Fair With All-new Camry

About two months after creating so much excitement in Lagos with the launch of the eighth generation Camry, Toyota Nigeria Limited last week took the new vehicle to the just concluded Abuja motor show and it expectedly was the cynosure of all eyes.

The Camry Forum was a special event where some select very important personalities were invited to interact with the Managing Director of the TNL, Kunle Ade-Ojo, on the elegant features of the new car.

Apart from the Camry, there were other Toyota models on display at the motor show. The Public Relations Manager of the TNL, Bukunola Ogunnusi, explained that this year’s exhibition provided another opportunity for the company to bring all the Toyota models under one roof for visitors and prospective buyers to have a feel of the auto firm’s superior quality products.

The Camry as a Toyota model has since its first launch to the global market in 1982 remained one of the bestselling family cars on account of its functionality and reliability.

The latest generation of Camry, according to auto analysts, has been made sportier, combining functionality with style, power and comfort.

Ade-Ojo, at the press launch of the vehicle in Lagos had described it as another masterpiece from the stable of Toyota Motor Corporation Japan to the Nigerian automobile market.

Speaking through the TNL’s General Manager, Corporate Services, Mr Bunmi Onafowokan, the TNL MD said the new car had come with upgraded, trendier exterior and spacious interior design, adding that it “will readily arouse in its lovers a driving pleasure unparalleled in its class. Indeed, it is a remarkable package of safety, comfort and performance in equal proportion.”

He also confirmed that the model had “undergone a total transformation and transition, from a proven sedan to one that pushes the boundaries of technology.”

According to him, the Camry as a model has enjoyed a high level of goodwill and acceptance not only for the superior quality engineering behind it but also for its stunning beauty.

The TNL’s Brand Manager, Mr Bayo Olawoyin, said the models being introduced to the Nigerian market, 2.5 litre and 3.5 litre petrol engines, would impress many with their cool features, which were a collection of luxury, high-tech and safety quality.

He said the vehicle had been specially built to offer improved ride control, quietness and an “interior that projects an immediate feeling of excellence on the one hand and a driving experience that everyone appreciates” on the other.

He listed some of the striking features as back monitor with pedestrian detector, intelligent clearance sonar rear cross traffic auto brake, adaptive front lighting system, rear electric sunshade, rear electric reclining seats, electronic parking brake.

The new Camry’s selling points, according to Olawoyin, are found in its leading fuel economy and driving performance; high quality ride; top-class safety performance; and segment leading advanced human machine interface.

Interior

He said the vehicle interior had been redesigned to be roomier especially for the rear occupants to enhance the luxury feel of the vehicle. The seats had also been redesigned to increase comfort for all occupants, he added.

He said, “Camry’s newly developed direct shift eight-speed automatic transmission improves acceleration from a stop, provides a smooth ride even at high speeds and helps enhance fuel efficiency.

“The three distinct available drive modes give you even more control. Sport mode indulges your spirited side with a sharper acceleration feel; Eco mode adjusts throttle input to maximise your efficiency. Normal mode blends fuel economy with performance. Thanks to this choice of drive modes, a perfectly tailored drive arrives with the push of a button.”

Its rear seat can be reclined at the touch of a button, reduced gap between windshield and roof to reduce wind noise; a hood silencer to keep engine noise out of the cabin, rear control panel allows power seat, power sun shade and AC adjustment from the rear cabin of the vehicle.

Engine

The new Camry is said to offer a compelling choice of petrol engines, the all-new 2.5L Dynamic Force four-cylinder and a new 3.5L V6, each delivering a sophisticated blend of performance and efficiency.

Toyota said, “Both engines utilise the D-4S direct-injection system, which selects the optimal injection method based on driving conditions to pack a powerful punch with enhanced fuel economy to boot.

“The new 2.5L engine has improved performance by approximately six per cent over that of the out-gone model.”

Talking about performance, Olawoyin explained that the new Camry’s high efficiency, high-powered next generation Dynamic Force Engine, powerful acceleration and new direct shift 8AT had contributed to the car’s low fuel consumption.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Startups

Madica Empowers African Startups with $200,000 Investments Each

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Madica, a structured investment program dedicated to nurturing pre-seed stage startups in Africa, has announced its inaugural investments in three innovative ventures.

Each of these startups is set to receive up to $200,000 in funding from Madica and will participate in the program’s comprehensive 18-month company-building support initiative.

The investment program provides a personalized curriculum, hands-on mentorship, founder immersion trips, executive coaching, and access to Madica’s extensive global network of investors for follow-on funding.

The primary objective of this support is to drive growth and ensure the long-term success of the startups.

Emmanuel Adegboye, Head of Madica, expressed his excitement regarding the investments, highlighting the abundant talent and innovation present in the African tech ecosystem.

He said Madica is committed to supporting African founders who often face challenges in accessing necessary support due to perceptions of risk among global investors.

Madica employs an open application process, collaborating closely with local ecosystem players such as incubators, accelerators, and angel networks to identify and support promising entrepreneurs.

The selection process remains rigorous, with investments made on a rolling basis throughout the year.

With plans to invest in up to 10 additional startups this year, Madica aims to expand the reach of venture capital and founder mentorship across Africa, addressing the existing imbalances in funding availability.

The announcement of these investments marks a significant milestone for the selected startups, providing them with vital financial support as well as access to invaluable resources and networks to propel their growth and success in the competitive landscape of the African startup ecosystem.

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Meta’s Revenue Woes Shake Tech Industry Confidence

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The tech industry faced a wave of uncertainty as Meta Platforms Inc., formerly known as Facebook, delivered a disappointing earnings report that sent shockwaves through the market and dented investor confidence.

Meta’s forecast of weaker-than-expected sales for the current quarter, coupled with plans for higher capital expenditures, rattled investors who were eagerly anticipating robust results.

Shares of Meta plummeted by as much as 19% in after-hours trading to trigger a cascade effect across the tech sector.

The tech-heavy Nasdaq 100 Index experienced a decline of up to 1%, reflecting broader concerns about the health of the industry.

Analysts and investors alike expressed dismay at Meta’s inability to meet revenue expectations, citing uncertainties surrounding the company’s adoption and monetization of artificial intelligence (AI) technologies.

Jack Ablin, Chief Investment Officer at Cresset Wealth Advisors, highlighted the disappointment on the revenue front, overshadowing any optimism about AI adoption.

Questions lingered regarding the efficacy of AI investments and their potential benefits to users, leading to increased skepticism among stakeholders.

The repercussions of Meta’s earnings miss extended beyond its own stock, impacting other tech giants slated to report earnings in the coming days.

Alphabet Inc., Amazon.com Inc., and social media companies like Snap Inc. and Pinterest Inc. all witnessed notable declines, signaling a broader sentiment shift within the industry.

The fallout from Meta’s revenue woes reverberated across the tech landscape, affecting chipmakers, server manufacturers, and software firms. Nvidia Corp., Micron Technology Inc., and International Business Machines Corp. were among the companies affected, as investor concerns over AI investment and revenue growth cast a shadow over the sector’s outlook.

As the tech industry grapples with Meta’s disappointing results, stakeholders are left to ponder the implications for future investments and strategic decisions.

The episode serves as a stark reminder of the inherent volatility and uncertainty within the tech sector, underscoring the importance of diligent risk management and strategic foresight in navigating turbulent markets.

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TikTok Vows Legal Battle Amid Threat of US Ban

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As the specter of a US ban looms large over TikTok, the popular social media platform has declared its intention to wage a legal battle against potential legislation that could force its Chinese-owned parent company, ByteDance Ltd., to divest its ownership stake in the app.

In what amounts to a fight for its very existence in one of its most crucial markets, TikTok is gearing up for a high-stakes showdown in the courts.

The alarm bells were sounded within TikTok’s ranks as Michael Beckerman, the company’s head of public policy for the Americas, issued a rallying cry to its US staff.

In a memo obtained by Bloomberg News, Beckerman characterized the proposed legislation as an “unprecedented deal” brokered between Republican Speaker and President Biden, signaling TikTok’s readiness to challenge it legally once signed into law.

“This is an unprecedented deal worked out between the Republican Speaker and President Biden,” Beckerman stated in the memo. “At the stage that the bill is signed, we will move to the courts for a legal challenge.”

The urgency of TikTok’s response stems from recent developments in the US Congress, where lawmakers have fast-tracked legislation mandating ByteDance’s divestment from TikTok.

The bill, intricately linked to a vital aid package for Ukraine and Israel, has garnered significant bipartisan support and is expected to swiftly pass through the Senate before landing on President Biden’s desk.

Beckerman minced no words in his critique of the proposed legislation, labeling it a “clear violation” of TikTok users’ First Amendment rights and warning of “devastating consequences” for the millions of small businesses that rely on the platform for their livelihoods.

TikTok’s defiant stance reflects the gravity of the situation facing the tech giant, which has spent years grappling with concerns from US officials regarding potential national security risks associated with its Chinese ownership.

Despite extensive lobbying efforts led by TikTok CEO Shou Chew to allay these fears, the company now finds itself at a critical juncture, where legal action appears to be its last line of defense.

ByteDance, TikTok’s Beijing-based parent company, has also signaled its intent to challenge any US ban in court, signaling a united front in the face of mounting pressure.

However, navigating the legal landscape will not be without its challenges, as ByteDance must contend with both US legislative measures and potential obstacles posed by the Chinese government, which has reiterated its opposition to a forced sale of TikTok.

As TikTok prepares to embark on what promises to be a protracted legal battle, the outcome remains uncertain.

For the millions of users and businesses that call TikTok home, the stakes have never been higher, as the platform fights to preserve its presence in the fiercely competitive landscape of social media.

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