These are the reasons for the high prices of auto used?

General Motors president and CEO in Africa and the Middle East, Louay Al-Shurafa said in an interview with Al-Arabiya today, Thursday, that the governments of the countries in the region are strongly pushing the wheel of development and transformation and enthusiasm forward, and General Motors is working with those countries to accelerate and consolidate the company’s vision to achieve a future free from accidents, emissions and traffic congestion.

Al-Shurafa added that there is an abnormal demand for the auto of General Motors and that the growth rate over the past year in Middle East reached 17%, and Chevrolet and GMC achieved 15% growth and growth rate in Saudi Arabia was 70%, in the Emirates 69%, and in Kuwait 110%, due to the growth in demand for auto and product.

Louay Al-Shurafa claimed that the price increase of auto used is due to the lack of production of auto new due to the shortage of semiconductors, which has caused an increase in prices and demand for auto used, expecting the semiconductor crisis to end soon.

The president of General Motors in Africa and the Middle East said his company raised earnings expectations for the year in course 2021, after the positive results of the first quarter of quest’year, to go from 11.5 to 13 billion dollars in 2021, instead of 10 to 11 billion dollars, expectations before the results of the quarter, the first of questyear, amid optimism due to the increase in demand and demand for the company’s products.

Al-Shurafa said General Motors will be a leader in the field of auto and will increase its investments in auto electricity to $ 35 billion by 2025, instead of $ 27 billion before achieving positive financial results.

He stressed that this is a realistic commitment and not at the level of the United States and China, and we are working with governments in the region to provide the necessary infrastructure for auto electric, indicating the launch of different types of auto of the company in soon the region.

General Motors became profitable in the second quarter of questyear, with a value of $ 2.8 billion, compared with a loss of more than $ 800 million in the second quarter of last year due to the Corona pandemic.

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