These are the reasons for the high prices of used cars around the world

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

Al-Shurafa added that there is an abnormal demand for General Motors cars and last year’s growth rate in the Middle East reached 17%, Chevrolet and GMC reached 15% growth, and The growth rate in Saudi Arabia was 70%, UAE 69%, and Kuwait 110%, due to growth in demand for cars and product.

Louay Al-Shurafa said that the rise in used car prices is due to the lack of production of new cars due to the semiconductor shortage, which has led to an increase in prices and demand for used cars. opportunity, expecting the semiconductor crisis to end soon. .

The chairman of General Motors Africa and the Middle East said his company raised its profit expectations for the current year 2021, after its positive results in the first quarter of this year, to go from 11.5 to 13 billion in 2021, down from $ 10 to $ 11 billion, expectations ahead of quarterly results.The first of this year, amid optimism over increased demand and demand for the company’s products.

Al-Shurafa said General Motors will be the leader in electric cars and increase its investment in electric cars to $ 35 billion by 2025, up from $ 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 electric cars, highlighting the launch of several types of company cars in the region soon.

General Motors turned profitable in the second quarter of this year, with a value of $ 2.8 billion, compared to a loss of over $ 800 million in the second quarter of last year due to the Corona pandemic.