Latest news with #Saudi-backed
Time of India
an hour ago
- Automotive
- Time of India
Saudi Arabia's EV maker, Lucid, breaks world record with 1,205 km drive across Europe in single charge
Lucid's new record of 1,205 km surpasses its previous 1,045 km single-charge drive by 160 km, setting a major milestone/ Image: Lucid Lucid Air, the Saudi-backed electric vehicle (EV) manufacturer, has achieved a groundbreaking milestone by setting a new Guinness World Record for the longest distance traveled on a single charge. The company's Lucid Air Grand Touring model successfully covered 1,205 kilometers (around 749 miles) in a single drive, surpassing its previous record by 160 kilometers. The historic journey from St. Moritz in Switzerland to Munich, Germany, is a significant leap forward in the electric vehicle sector, further cementing Saudi Arabia's growing influence in the global electric mobility space. A Record-Breaking Feat in Europe Lucid's new record was set during a long-distance drive from the alpine resort town of St. Moritz, Switzerland to Munich, Germany, covering 1,205 kilometers (749 miles) on a single battery charge. This journey, completed over the weekend, shattered the previous world record of 1,045 kilometers, set in June 2025, by a wide margin of 160 kilometers. The Lucid Air Grand Touring, known for its luxury and performance blend, completed the journey across Alpine roads, highways, and secondary routes, showcasing both endurance and versatility. The drive was conducted in real-world conditions, demonstrating the practicality of EVs in diverse terrains. This is Lucid Motors' second Guinness World Record in electric vehicle endurance. The first, set in 2024, involved the same model completing a nine-country trip on a single charge. Both record attempts were led and organized by Umit Sabanci, a London-based entrepreneur who played a major role in planning and driving the journeys. The Technology Behind the Achievement At the core of the Lucid Air Grand Touring's breakthrough lies a suite of cutting-edge electric systems: WLTP Range : 960 km Energy Consumption : 13.5 kWh per 100 km Power Output : 831 PS Top Speed : 270 km/h Ultra-Fast Charging : Gains up to 400 km of range in just 16 minutes The car was assembled at Lucid's Saudi Advanced Manufacturing Plant in King Abdullah Economic City, launched in 2023, aiming for 155,000 vehicles annually/ Image: Lucid The range and efficiency demonstrated by the Lucid Air Grand Touring were achieved under real-world driving conditions, not just lab testing. The vehicle's high-voltage architecture, combined with a sophisticated battery management system, played a central role in maximizing energy use and extending the distance traveled on a single charge. Eric Bach, Lucid's Senior Vice President of Product and Chief Engineer, described the range milestone as an important achievement that highlights the technological advantage Lucid holds in the electric vehicle industry. Lucid's Operations and Commitments in the Kingdom Lucid's headquarters are in California, but the company's long-term growth is closely linked to Saudi Arabia. Its largest shareholder, the Public Investment Fund (PIF), owns about 60% of the company and has positioned Lucid as a key part of the Kingdom's industrial strategy under Vision 2030. In September 2023, Lucid began final assembly of electric vehicles at its first international manufacturing facility in King Abdullah Economic City (KAEC). The plant processed 800 vehicles in its initial phase, with plans to scale up production to 150,000 units annually. Under a government agreement, Lucid is also set to supply 100,000 electric vehicles to Saudi Arabia over the next decade. This initiative is intended to support the local market and build capacity for future exports. The latest endurance record reflects not only Lucid's technical progress but also Saudi Arabia's broader efforts to develop a competitive electric vehicle industry. A Wider EV Ecosystem Taking Shape Saudi Arabia is actively building a comprehensive EV ecosystem, with Lucid at the center, but it's one part of a wider effort. Several other notable projects and partnerships are also shaping the foundation of the Kingdom's electric vehicle sector: Ceer and the Birth of Saudi-Made EVs A second EV company, Ceer, is also backed by the PIF in a joint venture with Taiwan's Foxconn. Ceer is building a $1.3 billion manufacturing complex in KAEC, covering 1 million square meters, with zones dedicated to every stage of vehicle production. The cars will incorporate BMW technology, and aim to establish a fully Saudi-based EV manufacturing ecosystem from the ground up. BYD Enters the Saudi Market In a separate but parallel development, Chinese EV giant BYD, now the world's top-selling electric vehicle brand — has entered Saudi Arabia through a partnership with Al-Futtaim Electric Mobility Company. During a multi-city launch across Riyadh, Jeddah, and Dhahran, BYD introduced a range of models including the luxury BYD HAN, the performance-driven BYD SEAL, and the hybrid BYD SONG PLUS. Building Charging Infrastructure: EVIQ Recognizing that EVs are only as viable as their infrastructure, the PIF launched the Electric Vehicle Infrastructure Company (EVIQ) with an ambitious target: 5,000 fast chargers across 1,000 locations by 2030. These will be placed in cities and along major roadways, adhering to strict technical standards and safety codes. NEOM's Autonomous Future And beyond EVs, Saudi Arabia is also investing in autonomous mobility. The NEOM Investment Fund has committed $100 million to a leading player in self-driving technology. The deal includes co-development of autonomous vehicles and intelligent transport systems for NEOM, and potentially for wider use across the Middle East.
The Independent
16 hours ago
- Business
- The Independent
Trump has spent almost a third of his presidency at his own properties, new report shows
During his recent five-day trip to Scotland, Donald Trump spent most of the time on his own golf courses and hotels. This appears to be par for the course for the president, who has spent almost a third of his second presidency so far at properties that he owns, according to new analysis by Forbes. Out of his first 191 days back in office, 75 of them have been spent at his own businesses at various locations including Florida, New Jersey, Virginia, Nevada, and now Scotland. Of these, over half (45 days) have been spent playing golf, according to online tracker Did Trump Golf Today? – which accounts for about 23 percent of his second term so far. The president visited his courses 16 out of the first 17 weekends back as Commander-in-Chief. According to Forbes, in January, days after retaking the Oval Office, Trump went to Las Vegas to give a speech on his no-tax-on-tips pledge – while staying at his Trump International Hotel. From there he flew to Miami for a GOP conference at Trump National Doral. After a few days spent back in Washington D.C., Trump returned to Florida and visited his Mar-a-Lago estate. In fact, the president's most prized home – that was subject to an FBI raid, during which agents recovered classified documents stored in rooms including the bathroom – has been his most visited residence, having spent 35 days there since January 20. Forbes analysis shows that Trump spent 12 days there in February. The president has spent multiple weekends on his various golf courses – including every single one in March. The Trump golf tracker estimates that this has cost the U.S. tax payer roughly $63 million. The president also hosted a candlelit dinner at Mar-a-Lago for a political action committee established two days after his 2024 victory on March 1. Later that month Trump also golfed at his club in Bedminster, New Jersey. In April, after announcing his controversial 'Liberation Day' tariffs, the president went to Florida for yet another golf tournament at the Doral – the Saudi-backed LIV Golf. Despite heading on a three-country tour of the Middle East in mid-May, the president still found time to visit his properties on either side – spending 13 days in total at Trump residences. After returning from his trip he resided mostly at his clubs in Virginia and New Jersey, according to Forbes. According to the analysis, the president appears to be put off by the Florida heat during summer, instead preferring to spend time in Virginia and New Jersey – rounding off the month with a four-day trip at the latter. This past month, despite a trip to Europe, Trump has kept up appearances at his clubs. The president encouraged world leaders to meet him halfway (and sometimes on the green), with visits from European Commission President Ursula von der Leyen, and UK prime minister Sir Keir Starmer at his resort in Turnberry. The president concluded his Scottish trip by opening a new golf course at his resort in Menie, Aberdeenshire, on Tuesday morning, playing a quick final round before heading back to Washington.
Yahoo
21 hours ago
- Politics
- Yahoo
Trump Brazenly Using Government Resources To Put Money In His Own Pocket
Donald Trump and his White House took using government resources to put money into his pockets to a brazen new level Tuesday, treating his participation in a marketing event at one of his Scotland golf resorts as an official act worthy of promotion by taxpayer-funded staff. The convicted felon president's 'ribbon-cutting' ceremony at his golf resort was listed on the daily schedule released by the White House. When Trump gave a speech predicting it would be 'a tremendously successful place,' it was carried live by the White House YouTube channel. When he began playing a round there, his staff posted video of it in real time on social media. 'It's the very definition of corruption,' said Norm Eisen, who served as the top ethics lawyer in the Obama White House. 'Using his official position and government resources to benefit himself.' White House officials did not respond to HuffPost's queries. On two previous instances when Trump participated in events explicitly benefiting his own financial interests, White House staff at least publicly appeared to keep an arms-length distance, even as Trump used government resources and the imprimatur of the presidency to promote them. On April 3, Trump spoke at a dinner for the Saudi-backed LIV Golf tournament, a business partner of his, at his resort in Doral, Florida. Trump arrived via a Marine One helicopter after flying to Miami aboard Air Force One, but the dinner itself was 'closed press' on the daily schedule, and it was neither broadcast nor promoted by White House employees. Similarly, on May 22, Trump spoke at a dinner at his golf course in Northern Virginia for those who had purchased the largest amounts of his crypto 'meme' coins. Trump flew there from the White House aboard Marine One, as well, but the outing was called a 'private dinner' in the daily schedule and was also not promoted or carried live by the White House. Trump's grand-opening ceremony for the new, second golf course at his Aberdeen club on Scotland's east coast was the reason his trip took place when and where it did. While White House aides have been pointing to Trump's meetings with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, those took place at his resort in Turnberry on Scotland's west coast and did not conflict with his time on the golf course. The five-day trip is costing American taxpayers at least $9.7 million, not accounting for inflation, according to a HuffPost analysis, and raises Trump's total golf-related travel and security costs to $52 million in just the first six months of his second term. His golf hobby — he insists on playing at his own courses — cost taxpayers $152 million over the four years of his first term. Trump also used his position to funnel money to his hotels, restaurants and golf courses in his first term, but has ramped up his efforts to use the presidency for his personal gain in his second term. He largely escaped legal consequences despite attempting a coup to remain in power in 2021 and then refusing to return classified documents he took with him to his Palm Beach country club, flouting a grand jury subpoena demanding them. Federal prosecutors charged Trump with multiple felonies in both cases, but the prosecutions were dropped after he won back the presidency in November, thanks to a longstanding Department of Justice policy not to prosecute a sitting president. Trump was convicted of felonies in a New York state case for falsifying business records to hide a $130,000 hush-money payment to a porn star ahead of the 2016 election. His lawyer, Michael Cohen, was sent to federal prison in part for his conviction on a federal charge on the same underlying set of facts, but Trump received no jail time or even a fine, based on his impending return to the presidency. Related... Trump Caps His Scottish Visit By Opening A New Golf Course Trump Takes Break From $10 Million Golf Vacation To Put Forward New Jeffrey Epstein Explanation Trump Plays Golf In Scotland While Protesters Take To The Streets And Decry His Visit
Newsweek
a day ago
- Business
- Newsweek
LIV Golf Doubles Down, Reportedly Will Award Record-Breaking Purses In 2026
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The LIV Golf tour has been in the news from Day 1 due to its substantial financial resources. It has flexed that muscle several times in player recruitment and, above all, in its sizable purses. The trend doesn't seem likely to change much. A Sports Business Journal report states that the Saudi-backed league is prepared to increase its tournament purses by 20% for the next season. This means going from the current $25 million to $30 million. Such a figure would break all professional golf records for high purses. Until now, LIV Golf tournaments were tied for first place with the Players Championship at $25 million. However, the PGA Tour's flagship event had an advantage over LIV Golf because its purse is entirely dedicated to an individual tournament, while LIV events currently allocate $20 million to that format, with $5 million as prize money for the top three teams. A flag with the LIV Golf logo is seen prior day three of the LIV Golf Invitational - Mayakoba at El Camaleon at Mayakoba on February 26, 2023 in Playa del Carmen, Mexico. A flag with the LIV Golf logo is seen prior day three of the LIV Golf Invitational - Mayakoba at El Camaleon at Mayakoba on February 26, 2023 in Playa del Carmen, second-highest purse for individual tournaments in the 2025 season was the US Open at $21.5 million, closely followed by the Masters Tournament at $21 million. The 14 individual tournaments on LIV tied for fourth place with the eight PGA Tour Signature Events, which also had $20 million purses each. But the fact is that no current professional golf event reaches a purse of $30 million, as LIV events will in 2026, according to the Sports Business Journal report. So far, there is no information available about how the LIV Golf purse distribution will be once the purses are increased. Currently, the individual events distribute its purse in the usual way in professional golf, with $4 million going to the winner and the last-place player receiving $50,000. The team event allocates $3 million to the winning team, $1.5 million to the runner-up, and $500,000 to the third-place finish. Teams in fourth through 13th place receive no prize money. Recently, The Telegraph reported that LIV Golf will suspend its practice of paying player fines imposed by the DP World Tour, effective after the Ryder Cup. The league is estimated to have spent about $20.3 million on this issue so far, with an additional $13 million to be added for the Jon Rahm and Tyrrell Hatton cases. More Golf: Lottie Woad Sends Powerful Five-Word Message Ahead Of Women's Open
Daily Mirror
2 days ago
- Business
- Daily Mirror
LIV Golf star who ignored Rory McIlroy banks nearly £250k after pal skipped £1.1m chance
Tom McKibbin has enjoyed a fruitful few months since ignoring Rory McIlroy and joining LIV Golf earlier this year, with the Northern Irishman closing in on £4million in earnings Tom McKibbin pocketed a £239,000 windfall during the same week Rory McIlroy chose to reject the chance of earning a potential £1.1million. The LIV Golf competitor took part in the Saudi-backed circuit's UK tournament this past weekend at the JCB Golf and Country Club. Ultimately won by Joaquin Niemann, marking the Chilean's fifth LIV victory of the campaign and seventh overall, the Northern Irishman secured joint-11th place and collected the substantial prize money for his efforts. Following his switch to the breakaway league in January, which cost him his recently-earned PGA Tour membership, he's already accumulated over £3.6m from LIV competitions in just seven months. His choice to depart the Tour meant disregarding McIlroy's counsel, who maintained that signing up to the breakaway circuit was "not worth the sacrifice." Regardless of the backlash LIV has faced, it's proved a lucrative career move for McKibbin. The 22-year-old is quickly approaching £4m in earnings and could well hit that milestone with three tournaments remaining in the 2025 season, reports Belfast Live. As for McIlroy, at this point in the 36-year-old's career, he pursues legacy above all else and certainly achieved it when claiming the Masters in April. The triumph made the golfer just the sixth player in history to secure the Career Grand Slam. He's struggled to find victories since his Augusta success but did record a 10-under score at The Open Championship, which was claimed by Scottie Scheffler for his second major triumph of the year. With the PGA Tour approaching its conclusion and just two tournaments left before the FedExCup Playoffs commence, both McIlroy and Scheffler chose to skip the 3M Open. American player Kurt Kitayama secured the title along with the £1.1m winner's cheque at TPC Twin Cities in Minnesota. Following The Open, McIlroy hinted he would be stepping away from competitive golf after his homecoming in Northern Ireland to refresh himself for the remainder of the Tour season and the Ryder Cup. "I feel like being back in Europe for a bit was a nice reset," McIlroy explained. "I feel like I'm getting back to where I want to be, and we've still got a lot of golf left this year with obviously Ryder Cup being the big one in there in September. "And just make sure I'm – I don't want to play too much leading up to that because I want to be fresh. So I'm looking forward to a few weeks off here." While McIlroy was unable to earn victory at his home course, the crowd support for him was at a staggering level. McKibbin - who missed the cut - witnessed the crowd response McIlroy received in the opening days of the event, admitting it was "incredible" to see. "Yeah, no, I didn't see the stuff on Sunday. I obviously seen it the first couple days, on the Friday," the Belfast-born golfer said when asked about the fan support for his fellow countryman and friend. "I think he was finishing up when we were on the 12th or 13th. "So you could obviously see them from very far away, and the crowds were incredible last week. It was something I hadn't seen before, and it was really good, the support that they showed everyone."
