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Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues.

Real gross domestic product is now expected to grow 0.8% this year, a dramatic drop from a previous estimate of 4.4%, according to the latest pre-budget report published by the Ministry of Finance on Monday. The GDP growth projection for 2025 has also been cut from a previous estimate of 5.7% to 4.6%; while the outlook for 2026 has been trimmed from 5.1% to 3.5%.

“The FY2025 budget highlights the Kingdom’s commitment to accelerate the regulatory and structural reforms, as well as the development of policies,” the pre-budget report read. “It also focuses on transformative spending to promote sustainable economic growth, improve social development, and enhance quality of life.”

The latest report further emphasized the Saudi government’s plans to deploy sovereign and development funds “for capital investment while empowering both the private and non-profit sectors to foster growth and prosperity.”

Saudi authorities also expect that the budget will remain in deficit for the next several years, as the kingdom prioritizes spending to achieve the targets of its Vision 2030 plan to modernize and diversify the heavily oil-dependent Saudi economy.

The Finance Ministry projected a wider budget shortfall of about 2.9% of GDP for 2024, compared with a previous projection of 1.9% for the year. It predicted deficits of 2.3% and 2.9% in 2025 and 2026, respectively, also wider than previous estimates.

Analyst discusses Saudi Arabia's $100-per-barrel oil price target

Saudi Arabia’s fiscal breakeven oil price — what it needs a barrel of crude to cost in order to balance its government budget — has increased in recent months and years and may well rise higher along with spending increases.

The IMF’s latest forecast released in April put that fiscal breakeven figure at $96.20 for 2024, marking a roughly 19% increase on the year before. The figure is also about 36% higher than the current price of a barrel of Brent crude, which was trading at around $70.70 as of Tuesday afternoon.

Oil prices are expected to remain subdued at least in the medium-term amid slowing demand and increased supply globally.

Saudi Arabia is hosting major international events that will require steep spending — like the World Cup 2034 and Expo 2030 — as well as building out multi-trillion dollar megaprojects like Neom, which is backed by the kingdom’s mammoth sovereign wealth fund, the Public Investment Fund.

Lower oil prices are the 'new normal'; price to range $70-$80/bbl: Kpler

“Saudi Arabia’s GDP dances to the rhythm of oil, and with recent data from the Ministry of Finance, it’s clear that as oil gushes, so does the economy,” Tarik Solomon, chairman emeritus at the American Chamber of Commerce in Saudi Arabia, told CNBC. “But when the wells slow, so does the growth.”

Saudi Arabia’s public debt has grown from around 3% of its GDP in the 2010s to roughly 28% today, according to the International Monetary Fund — a huge jump, but still low by international standards. Public debt in EU countries, for instance, averages 82%. In the U.S. in 2023, that figure was 123%.

Its relatively low debt level and high credit rating makes it easier for Saudi Arabia to take on more debt as it needs to. The kingdom has also rolled out a series of reforms to boost and de-risk foreign investment and diversify revenue streams. While the country’s economy has contracted for the last consecutive four quarters, non-oil economic activity grew 4.4% in the second quarter year-on-year, up 3.4% in the previous quarter.

Saudi Arabia's non-oil growth is proving to be 'robust,' economist says

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Hackers turn Nissan LEAF into full-scale RC car, record drivers’ conversations [video]

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Hackers turn Nissan LEAF into full-scale RC car, record drivers' conversations [video]

A team of white hat European hackers using their brains, keyboards, and a couple of bits and baubles from eBay managed to take control of a 2020 Nissan LEAF and violate just about every privacy and safety regulation in the process.

The best part: they recorded the whole thing.

Budapest-based cybersecurity experts PCAutomotive were able to exploit a number of vulnerabilities in a 2020 Nissan LEAF that enabled the white hat team to geolocate and track the car, record the texts and conversations happening inside the car, playing media back through the car’s speakers, and even (this is the genuinely terrifying dangerous part) turning the steering wheel while the car was moving. (!?)

Maybe the scariest part of this hack, however, is how seemingly easy it was to pull off by starting with a “test bench simulator” built using parts from eBay and exploiting a vulnerability in the LEAF’s DNS C2 channel and Bluetooth protocol.

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The PCAutomotive team gave a hugely detailed 118-page presentation of their exploit at black hat Asia 2025, which we’ve included at the bottom of this post, in case the original link goes dead. If you’re into that sort of thing, the fun stuff starts around page 27. And, if you’re not, just know that all the vulnerabilities were disclosed to Nissan and its suppliers between 02AUG2023 and 12SEP2024 (p. 116/118), and the “attack” itself can be seen in the video below that. Enjoy!

Summary of vulnerabilities

  • CVE-2025-32056 – Anti-Theft bypass
  • CVE-2025-32057 – app_redbend: MiTM attack
  • CVE-2025-32058 – v850: Stack Overflow in CBR processing
  • CVE-2025-32059 – Stack buffer overflow leading to RCE [0]
  • CVE-2025-32060 – Absence of a kernel module signature verification
  • CVE-2025-32061 – Stack buffer overflow leading to RCE [1]
  • CVE-2025-32062 – Stack buffer overflow leading to RCE [2]
  • PCA_NISSAN_009 – Improper traffic filtration between CAN buses
  • CVE-2025-32063 – Persistence for Wi-Fi network
  • PCA_NISSAN_012 – Persistence through CVE-2017-7932 in HAB of i.MX 6

Remote exploitation of Nissan LEAF



Electrek’s Take


Nissan-Bolt-EV-LEAF
2024 Nissan LEAF; via Nissan.

This is one of those posts that, on the bright side, does a great job explaining how a remote operator can “log in” to a vehicle and steer it out of trouble when a weird or edge-case-type situation pops up.

Unfortunately, this is also one of those posts that some of the more clueless anti-EV hysterics will point to and say, “See!? EVs can get hacked!” But the reality is that virtually any car with electric power steering (EPS), electronic throttle controls, brake-by-wire, etc. can be hacked in a similar way. But, while steering a target’s car into an oncoming semi might be a great way to pull off a covert CIA assassination, the more worrying issue here is the breach of privacy and recording – unless you want to spend some time in El Salvadoran prison, I guess.

Remember, kids: Big Brother is watching you.

SOURCE | IMAGES: black hat.


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A vast new UK battery plant just secured £1B to power 100k EVs

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A vast new UK battery plant just secured £1B to power 100k EVs

A major new EV battery factory is being built in Sunderland, bringing 1,000 new jobs with it. AESC, Nissan’s battery partner, is behind the £1 billion ($1.33 billion) plant, which will boost the UK’s EV battery production by six times, enough to power 100,000 electric cars annually.

The 12 GWh capacity plant, AESC’s second battery plant in Sunderland, will be powered by 100% net-zero carbon energy. That big jump in capacity helps position Britain as a global player in EV manufacturing while pushing forward the country’s net-zero goals.

The investment is getting a serious financial lift from the British government. Through a combination of support from the National Wealth Fund and UK Export Finance, the project is unlocking £680 million in financing from major banks, including HSBC, Standard Chartered, SMBC Group, Societe Generale, and BBVA, that covers the construction and operation of the battery factory. Another £320 million is coming from private investment and fresh equity from AESC. On top of all that, the government’s Automotive Transformation Fund is pitching in with £150 million in grant funding.

This deal follows closely on the heels of the new UK-US trade agreement announced a day earlier, which cuts car export tariffs from 27.5% down to 10% for up to 100,000 UK-made vehicles – nearly the total number exported last year. That move could save car companies hundreds of millions of pounds and help protect good-paying jobs in manufacturing hubs like Sunderland.

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Chancellor of the Exchequer Rachel Reeves visited AESC in Sunderland, where she met with staff and local leaders to discuss what this means for the Northeast and the British car industry.

“This investment follows hot on the heels of yesterday’s landmark economic deal with the US, which will save thousands of jobs in the industry,” Reeves said.

Read more: UK unveils largest curbside EV charger installation of 6,000 ports


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Ford is facing a worker strike at its EV plant in Germany: Here’s why

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Ford is facing a worker strike at its EV plant in Germany: Here's why

It’s about the future of their jobs. Ford workers at two plants in western Germany are set to go on strike on Wednesday, their works council chief said on Monday.

Ford is facing a worker strike in Germany

In November, Ford announced it would cut around 4,000 jobs in Europe by 2027 as part of a restructuring, primarily in Germany and the UK. That’s still about 14% of its European workforce.

The American automaker said the move comes after it has incurred “significant losses” in recent years and a “highly disruptive market” with new EVs quickly gaining market share.

Ford blamed slower-than-expected demand for electric vehicles and a weak economic situation. It also plans to slow production at its Cologne EV plant, where the electric Explorer and Capri are built.

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Last week, IG Metall members voted in favor of “industrial action” with 93.5% of votes in favor of a strike. “Ford must act now—otherwise, we will go through with it,” said Kerstin D. Klein, Chief Representative of IG Metall Cologne-Leverkusen.

Ford-worker-strike
Ford Explorer EV production in Cologne (Source: Ford)

Ford is facing an influx of new competition, including Chinese EV makers like BYD. BYD’s overseas sales are surging with a fifth straight month of growth in April.

BYD even outsold Tesla in Germany last month, with 1,566 vehicles registered. In comparison, Tesla had just 855, and Ford saw 9,534 registrations.

Ford-worker-strike
Ford’s electric vehicles in Europe from left to right: Puma Gen-E, Explorer, Capri, and Mustang Mach-E (Source: Ford)

On top of this, Ford, like most of the industry, is preparing for more disruption with Trump’s auto tariffs. After releasing Q1 earnings last week, Ford warned that the tariffs could cost up to $2.5 billion this year.

During Ford’s earnings call, CFO Sherry House said that recent EV launches in Europe, including the Explorer, Capri, and Puma Gen-E, helped more than double Model e’s wholesale volume in Q1.

After early success in the US, Ford also launched its “Power Promise” promotion in Europe, offering EV buyers a free home charger and several other perks.

Source: Reuters

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