South Korea takes record share of global car industry



SEOUL // South Korea maintained its status as the world's fifth largest automobile producer in terms of domestically produced vehicles, while it saw its share of the global car market rise to a record high last year, data shows. A statement from the Korea Automotive Manufacturers Association said that despite the recession hitting production in other countries, the carmaker manufactured 3.5 million vehicles in the country last year, or 5.7 per cent of the 61.295 million worldwide total. It said only China and India produced more cars last year, which saw their global car market share grow by 48 per cent and 13 per cent respectively. "The depreciation of the local currency and the tax break for replacing old cars with new ones eased the impact of the global crisis on the demand for Korean cars," the JoongAng Daily quoted Ku Hee-Cheol, an official at the association, as citing the reason for the growth. "Besides the currency effect, Korea's use of world-class technology in making small and midsized cars also seems to have contributed," he said.

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The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Engine: Dual 180kW and 300kW front and rear motors

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Torque: 850Nm

Transmission: Single-speed automatic

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COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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A timeline of the Historical Dictionary of the Arabic Language
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

How to protect yourself when air quality drops

Install an air filter in your home.

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Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
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yallacompare profile

Date of launch: 2014

Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer

Based: Media City, Dubai 

Sector: Financial services

Size: 120 employees

Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)

The Book of Collateral Damage

Sinan Antoon

(Yale University Press)

UAE currency: the story behind the money in your pockets
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