00:00 The multi-trillion dollar car business is changing at high speed.
00:06 On this special episode of the Xchange, we visit the Geneva International Motor Show
00:10 in Qatar, where leaders from Toyota, Kia and BMW report on the race from petrol to electric
00:17 power.
00:22 Welcome to this special episode of the Xchange.
00:25 From here at the Geneva International Motor Show, on this edition we meet the world`s
00:29 leading car brands as they converge in Qatar to decide the future of the sector.
00:36 Now, industries don`t come much bigger than the car business.
00:40 According to industry analyst IBIS World, the global auto industry is valued at over
00:47 $4 trillion.
00:48 Well, the sector is so large, in fact, that in Europe, 7 percent of all jobs are linked
00:54 to cars.
00:55 And manufacturers are busy making the massive changes required to play their part in the
01:00 fight against climate change.
01:02 Well, researchers are predicting a huge rise in demand for electric vehicles with 14 million
01:08 units expected to be sold by the end of 2023.
01:13 I caught up with the world`s biggest selling car maker Toyota and the current number one
01:20 auto brand according to Consumer Reports BMW to understand the future vision of their brands.
01:28 Technology and innovation is at the heart of Toyota.
01:30 So Toyota today is following a multi-path strategy, where they are investing in multiple
01:36 technologies such as the electric, the fuel cell, the hybrid and the petrol engines, the
01:41 combustion engine.
01:42 So all these technologies are mixing up to shape the future of the automotive industry.
01:47 Two topics that are really important for us.
01:50 First of all, we are very much closely listening to the trends and what`s happening around
01:54 the world.
01:55 And we see that sustainability is one of the things and consciousness about the environment
02:00 is one of the things that are picking up.
02:02 And I think the second part, which is very important for us, is our customers.
02:06 So we listen very much what they want to say and we listen very much to what they want
02:11 and what they appreciate in cars.
02:15 Korean car giant Kia has seen steady growth over the last 12 months with sales of eco-friendly
02:20 cars skyrocketing.
02:23 Electric vehicle sales shot up by 87 percent compared with last year.
02:27 Earlier, I caught up with Mr. Yasser Shabsoukh, Kia`s vice president of commercial operations
02:33 for Middle East and Africa.
02:35 And he told me all about the company`s plans for the future.
02:41 So we are focusing on really a strategy that focuses on electrification as a key thing.
02:46 Also the idea of connectivity to make sure that our vehicles are fully connected to give
02:50 the customer a fully connected experience when he`s in our vehicles.
02:54 Also autonomous driving.
02:55 By the second half of this decade, virtually all our vehicles will be autonomous or autonomous
03:02 ready, meaning that you can very easily get to that point should you want to.
03:06 And then what we`re also focusing is on creating a new genre of vehicles, purpose-built vehicles.
03:12 It`s almost like customization taking to the nth degree.
03:18 Kia along with many other car brands are here in Doha to share new ideas and solve industry-wide
03:24 problems.
03:25 But what was the thinking behind hosting an event synonymous with Europe here in Qatar?
03:30 Well, earlier I put this to the CEO of the Geneva International Motor Show, Sandro Mosquita.
03:38 Everything started in July 2020.
03:41 So I received a call from His Excellency Mr. Akbar Al-Bakr asking me if I would be interested
03:49 in organizing one edition of the Geneva International Show in Doha.
03:54 And during all the process, we said, but why do we want just to do one edition?
03:59 And why not thinking about going bigger and developing together a totally new concept?
04:07 And that`s why we came with this idea of a festival for automotive excellence.
04:12 And that`s why we are here today in Doha for this first edition.
04:18 But it`s not just here in Doha where the passion for the car is thriving.
04:22 To the Netherlands now, where our reporter Jack Parrock is visiting a business helping
04:28 classic cars go green.
04:30 Yeah, hi, guy.
04:31 I`m stood next to a pretty special car right here.
04:33 This is a 1960s Porsche 911, which has been entirely converted to be electric by Martijn
04:40 van Dijk and his company, Voiture Extravert.
04:43 And we`re going to take a quick ride.
04:47 Come on.
04:51 Notice the sound.
04:55 A petrol-powered Porsche is loud.
04:58 There`s still power in this electric 911, though.
05:03 With many classic cars struggling to meet emission standards, for Martijn, there`s a
05:08 mission with this business.
05:10 Getting color back on the streets again.
05:14 We really love classic cars.
05:16 And we are really disappointed that we don`t see them around anymore.
05:20 Voiture Extravert launched in 2016.
05:23 They receive here the engine-less 911 bodies from Germany, and they`ve created their own
05:29 high-spec electric motor system, which they install.
05:34 They have a 400-kilometer range, and every car gets top of the range digital mod cons.
05:40 But they`re not cheap.
05:42 Minimum price per car, 350,000 euros.
05:45 Just restoring a classic car on the level that we restore it is something that easily
05:51 takes you 200 grand normally.
05:53 Of course, we do things very smart.
05:56 We do it in a small series production that makes it more cost-efficient.
06:01 But that`s a really large chunk of the cost price that we have.
06:05 They`ve sold 10 cars so far and are aiming to sell 12 this year, shipping them out to
06:10 buyers all over the world.
06:13 Classic designs for the modern world.
06:16 Now, it`s time for our regular feature, Business in 60 Seconds.
06:21 Start the clock.
06:22 German automobile giant Volkswagen will declare its quarterly earnings this month.
06:26 It`s been a mixed year for the company.
06:27 A cut in production of electric vehicles in two plants in Germany was due to a lack of
06:32 demand for the products and a government cutback in subsidies.
06:36 Shareholders will be hoping for a more positive set of results this quarter.
06:40 Tech giants Apple have announced a huge new product.
06:43 Yes, an Apple car is on the horizon.
06:45 The rumored title of the product will be the iCar, which is set to be completely compatible
06:50 with Apple products such as the iPhone and iPad.
06:54 Details about the product are scarce at the moment.
06:56 However, this is one to watch over the coming months, as it looks set to be a game changer
07:01 for the industry.
07:03 And Alpha and Omega semiconductors will be posting their latest earnings in the coming
07:07 weeks.
07:08 The California-based company makes critical components for electric cars and has seen
07:12 production increase over the years as ambition towards the green movement for automobiles
07:17 grows.
07:18 The upcoming results are likely to be good news for shareholders.
07:22 Now, the climate emergency has changed the car business forever.
07:27 The race to diversify from petrol to electric power is picking up speed.
07:32 Technology is redesigning what it means to drive.
07:36 But despite this unprecedented disruption, the roadmap for the auto sector still shows
07:41 strong signs of growth.
07:43 Well, that's all we have time for on this special edition of the show.
07:47 Thanks for watching.
07:48 Please do check out Euronews.com for all your latest business news.
07:52 And join us again next time on The Exchange.
07:54 (upbeat music)
07:57 (upbeat music)
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