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Mannai Trading awarded prestigious GM President's Club Award for Cadillac & GMC performance

Mannai Trading awarded prestigious GM President's Club Award for Cadillac & GMC performance

ILoveQatar.net25-05-2025

Mannai Trading Co., the exclusive distributor of Cadillac and GMC in Qatar, is proud to announce that it has once again earned the General Motors President's Club Award — a prestigious recognition that celebrates excellence in both sales and after-sales performance and customer satisfaction.
This esteemed accolade is given to GM's most consistent and high-performing partners globally. The award recognizes exceptional achievements in vehicle and parts sales, customer satisfaction in sales and after-sales service, and both Cadillac and GMC operations. Mannai Trading Company is a frequent recipient of this exclusive award, along with many others.
The honor is especially significant this year as it coincides with 75 years of partnership between Mannai Trading and General Motors—a legacy built on shared values of innovation, performance, and trust.
'Receiving the President's Club Award again is a tremendous honor, especially as we mark more than seven decades of partnership with GM,' said Rajesh Krishnan, President – Automotive Group at Mannai Corporation. 'This award is a tribute to the dedication of our entire team and their unwavering commitment to delivering world-class service and driving customer centricity across Qatar.'
Mannai Trading is among the very select Middle East and Africa groups of GM dealers who earned this recognition and belong to this exclusive elite circle. This distinction underscores its regional leadership in the automotive sector.
With a relentless focus on customer-centricity, operational excellence, and premium brand stewardship, Mannai Trading continues to raise the bar, setting new benchmarks not only in Qatar but across the region.
Source and cover image credit: Pres release

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Mannai Trading awarded prestigious GM President's Club Award for Cadillac & GMC performance
Mannai Trading awarded prestigious GM President's Club Award for Cadillac & GMC performance

ILoveQatar.net

time25-05-2025

  • ILoveQatar.net

Mannai Trading awarded prestigious GM President's Club Award for Cadillac & GMC performance

Mannai Trading Co., the exclusive distributor of Cadillac and GMC in Qatar, is proud to announce that it has once again earned the General Motors President's Club Award — a prestigious recognition that celebrates excellence in both sales and after-sales performance and customer satisfaction. This esteemed accolade is given to GM's most consistent and high-performing partners globally. The award recognizes exceptional achievements in vehicle and parts sales, customer satisfaction in sales and after-sales service, and both Cadillac and GMC operations. Mannai Trading Company is a frequent recipient of this exclusive award, along with many others. The honor is especially significant this year as it coincides with 75 years of partnership between Mannai Trading and General Motors—a legacy built on shared values of innovation, performance, and trust. 'Receiving the President's Club Award again is a tremendous honor, especially as we mark more than seven decades of partnership with GM,' said Rajesh Krishnan, President – Automotive Group at Mannai Corporation. 'This award is a tribute to the dedication of our entire team and their unwavering commitment to delivering world-class service and driving customer centricity across Qatar.' Mannai Trading is among the very select Middle East and Africa groups of GM dealers who earned this recognition and belong to this exclusive elite circle. This distinction underscores its regional leadership in the automotive sector. With a relentless focus on customer-centricity, operational excellence, and premium brand stewardship, Mannai Trading continues to raise the bar, setting new benchmarks not only in Qatar but across the region. Source and cover image credit: Pres release

Trump exempts some automakers from Canada, Mexico tariffs for one month
Trump exempts some automakers from Canada, Mexico tariffs for one month

Al Jazeera

time05-03-2025

  • Al Jazeera

Trump exempts some automakers from Canada, Mexico tariffs for one month

President Donald Trump will exempt automakers from his punishing 25-percent tariffs on Canada and Mexico for one month as long as they comply with the terms of an existing free trade agreement, the White House has said. The announcement on Wednesday came after Trump spoke with the chief executive officers of the three big carmakers, Ford, GM and Stellantis. Auto stocks rose on the news, with General Motors up 5.3 percent and Ford up 4.1 percent. Trump's press secretary said on Wednesday that the president is open to hearing about additional exemptions, but Canadian Prime Minister Justin Trudeau is not willing to lift Canada's retaliatory tariffs if Trump leaves any tariffs on Canada, The Associated Press reported citing a senior government official who spoke on condition of anonymity as he was not authorised to speak to the press. Trump's tariffs pose extreme difficulties for carmakers, which produce vehicles in all three countries and often ship parts across North American borders multiple times as they get built up into systems and finished vehicles. Ontario Premier Doug Ford earlier told The Associated Press the auto sector in the US and Canada would last approximately 10 days before they start shutting down the assembly lines in the US and Ontario. 'People are going to lose their jobs,' he said. A one-month exemption for cars and trucks that comply with the US-Mexico-Canada Agreement 's complex content rules, as Trump has outlined, would be a boon for Ford, GM and Stellantis because they comply with the USMCA's complex rules that require vehicles to have 75 percent North American content to get duty-free access to the US market. The rules also require 40 percent of a passenger car's content to be manufactured in the US or Canada, based on a list of 'core parts' including engines, transmissions, body panels and chassis components. The threshold for pick-up trucks is 45 percent. Automakers have expressed support for boosting US investment but want certainty over tariff policies as well as on vehicle emissions rules before making dramatic changes, two industry sources told Reuters news agency. Trump also might eliminate the 10 percent tariff on Canadian energy imports, such as crude oil and petrol, which comply with the USMCA rules of origin, Reuters reported citing a source familiar with the discussions. Trade tensions The tariffs threaten to derail Canada's fledgling economic recovery and could trigger a recession, as the country sends the US 75 percent of its exports and gets from it a third of all imports. Trade tensions also already may be hurting the US. New data released on Wednesday showed slowing payroll growth, as well as lower wage growth for workers who switch jobs, with uncertainty around Trump's policies a likely factor. The dollar hit three-month lows on Wednesday, and US stock indices have fallen steadily this week. The Nasdaq has fallen 9 percent since February 20. Trump has also imposed an extra 10-percent duty on Chinese goods. An exemption also would benefit some foreign brand carmakers with large US production footprints, including Honda and Toyota, but some competitors that don't comply would have to pay the full 25-percent US tariffs. On April 2, Trump plans to announce what he calls 'reciprocal' tariffs to match the tariffs, taxes and subsidies provided by other countries. That could dramatically increase the tariff rates charged globally while maintaining the risk of a broader tariff.

GM stock slumps on tariff fears even as revenues exceed expectations
GM stock slumps on tariff fears even as revenues exceed expectations

Al Jazeera

time28-01-2025

  • Al Jazeera

GM stock slumps on tariff fears even as revenues exceed expectations

General Motors' earnings have exceeded Wall Street's forecasts, but investors are still dumping the stock broadly on fears of tariffs that will make it hard for the carmaker to hit its 2025 targets. Shares dropped more than 10 percent on Tuesday, putting it on track for its worst day since the early days of the COVID-19 pandemic in March 2020. Investors and analysts said GM's outlook is clouded by United States President Donald Trump's threats of tariffs and reduced support for electric vehicles. Trump on Monday evening again threatened tariffs on a broad array of goods, including steel, aluminium and copper, all materials critical to building automobiles. He has also threatened heavy levies on allies Mexico and Canada, which are key to the US automotive supply chain. The automaker projected net income of $11.2bn to $12.5bn for 2025. That's ahead of expectations for $10.8bn, and numerous analysts termed that outlook optimistic. 'There's just a lot of uncertainty between tariffs as well as the rules and regulations around EVs and tax incentives. With that uncertainty, that really isn't baked into GM's guidance at this point,' said Jeff Windau, financial analyst at Edward Jones. GM CEO Mary Barra told investors on a conference call Tuesday that she believes Trump 'wants to use policy and regulations in ways that will strengthen not harm domestic manufacturers like GM'. Trump has said he wants to use tariffs to push companies to move operations back to the US – but such moves can take years. In the meantime, GM has an 'extensive playbook' pulled together in the event tariffs are imposed, GM's CFO Paul Jacobson told reporters on Monday prior to Trump's statements. The company had already started to bring vehicles in its international inventory in Mexico and Canada to the US, Jacobson said. 'Every delivery that we can make before a tariff is instituted, it's that much better, rather than sitting on inventory,' he said. He did say, however, that they would not be able to make some decisions until they understand what the tariff environment will look like. 'There's things that we can do to balance plants, etc, and then there are things that cost a lot more money going forward,' he said. EV losses GM's fourth-quarter revenue of $47.7bn surpassed analyst expectations of $43.9bn. Adjusted earnings per share of $1.92 also exceeded analyst forecasts of $1.89 per share. It earlier had said it sold 2.7 million vehicles for the year, up 4 percent from 2023. GM sold vehicles at an average price of $50,000 in 2024, and executives see a 1 percent to 1.5 percent drop in North American pricing power and a modest decline in gas-powered vehicle volume in 2025. The company expects losses will narrow with its battery-powered vehicles, reorganisation of its China business, and the end of robotaxi development at Cruise, its autonomous vehicle unit. The Detroit carmaker does not break down its EV losses, but said in 2024 that revenue was higher than fixed costs including labour and material costs, a metric that it calls positive variable profitability. The figure does not include costs such as building assembly lines, but indicates financial progress in the EV rollout. GM did not meet its goal of producing and wholesaling 200,000 EVs in North America in the year, instead ending up at 189,000 units wholesale, Jacobson said. EV inventory fell from 100 days at the end of the third quarter to 70 days. GM previously had forecast EV operating losses would narrow by between $2bn and $4bn this year from undisclosed levels, although Jacobson said the decline in losses was likely to be closer to $2bn. GM reported pre-tax profit of $2.5bn in the quarter but reported a $3bn net loss, mostly because of $4bn in restructuring charges in China where it lost $4.4bn in the year. The China business did return to profitability before restructuring charges in the fourth quarter, Jacobson said.

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