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Global Sales of Electric Vehicle to Rise by 35% in 2022: Report

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Electric car

The global sales and shipments of Electric Vehicles (EV) are expected to rise by 35 percent in 2022, a US-based research agency and consultancy, Gartner has said.

This comes as a result of the United Nations’ COP26 zero-emission vehicle transition council’s resolution that vehicle manufacturers will commit to selling only non-carbon-emission vehicles by 2040, while governments are to introduce regulations and incentives to help the industry’s growth.

The research director at Gartner, Joseph Davenport noted that nearly 6.4 million EV cars are expected to be sold this year, 1.6 million more than 2021, as the automotive sector prepares for decarbonisation in transportation, increasing EV production activities.

According to him, cars will account for 95 percent of the total EV sales in 2022, while the remaining percent will be split between buses, vans and heavy lorries.

With the restrictive emissions and fuel efficiency regulations, the manufacturers have had no choice but to focus on vehicles that are more environmentally friendly.

German-based vehicle manufacturers such as Volkswagen – whose 12 brands include Audi, Porsche and Skoda – has revealed that it is investing €35 billion ($39bn) into the global shift to EVs. It expressed ambitions to become the world’s largest electric car maker by 2025.

Luxury car brand, Bentley, made the disclosure that it is pumping major investments towards becoming a fully carbon-zero company. Bentley also stated that its first EV will be ready by 2025.

Another German-owned car maker, Daimler, parent company of Mercedes-Benz, last July, had said its brand would be all-electric by the end of the decade, where market conditions allow.

The same goes for luxury Italian marque Lamborghini which also announced in January this year, that it is devising its first fully electric model. The company’s chief executive Stephan Winkelmann also said it plans to introduce the model by the end of the 2020s.

Swedish carmaker Volvo also noted that it would be fully electric by 2030. Jaguar Land Rover made same commitment, saying its luxury brand Jaguar will go all-electric by 2025 as it aims to become a net-zero carbon business by 2039, a year before the COP26 council deadline for cat manufacturers.

The United States’ largest car producer, General Motors, in January last year had also unveiled plans to eliminate petrol and diesel light-duty cars, including SUVs, by 2035.

Electric vehicle maker, Tesla, which is the world’s forerunner in EV production and sales, has projected that its vehicle deliveries would comfortably grow by more than 50% year-over-year in 2022. According to analysts at ARK Invest, Tesla could produce about 5 to10 million vehicles a year by 2025.

China’s directive to manufacturers that EVs make up 40 percent of all sales by 2030, will allow the country account for a 46 percent global EV shipments in 2022. According to Gartner, China is expected to ship about 2.9 million EVs this year, followed by Western Europe (1.9 million) and North America (855,300).

To speed up the transition to EVs, manufacturers will have to address several factors such as lowering the price of EVs, recycling batteries and offering more choice to consumers.

“A major issue that must be addressed is lack of fast-charging availability for home and public charging,” Gartner noted.

“Utility providers will need to increase their investments in smart grid infrastructure to cope with the growing consumption of electricity,” he added.

As the number of EV production rises, Gartner forecasted that the number of global public EV chargers will rise to 2.1 million units in 2022, up from 1.6 million units in 2021.

Despite a global push for the growth of ECs in the automotive industry, the global semiconductor shortage and supply chain disruptions will affect the industry’s efforts to decarbonise, analysts say.

“The continuing shortage of chips will impact the production of EVs in 2022 … while shipments of vans and lorries are currently small, those shipments will grow rapidly as commercial owners see the financial and environmental benefit of electrifying their fleets,” Mr Davenport said.

Already, top EV maker, Tesla had said it is facing supply issues that could affect its business.

“Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through 2022,” the California-based company said.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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