Electric Vehicles are going to proliferate and become a lot more accessible to the drivers all over the world as a several emerging markets are going to look to expand their manufacturing of the Electric Vehicles.
Once upon a time it was a luxury segment of automotive industry, the Electric Vehicles are becoming popular among the companies and consumers alike in the last few years with the solid growth trends attracting the private and public investments. The EV uptake is essential to the global transitions as the transport remains the sector which has the biggest reliance on the fossil fuels producing an estimate of 37% of the CO2 emissions from the end-use industries in 2021.
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The number of EVs which are on road is going to triple in the world in the coming years. Although China currently dominates the Electric Vehicle scene due to the china incentives for electric vehicles. There are many emerging markets which have announced plans for jumpstarting domestic production.
Recently, El Nasr Automotive Manufacturing Company also signed the shareholder’s contract with the National Automotive company for establishing the first EV distributor of the country with the first EVs produced by the company to hit the market in the coming years.
NASCO has also signed an MOU with Velco Egypt which is a subsidiary of the French automotive supplier of the same name for designing and developing and producing the EV components. In December of 2021, the project had been seeking close to $127m in the investment and targeting of annual production of close to 20,000 units over a period of three years.
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The private players have also been seeking support for the EV goals of North Africa’s country with the biggest population. Shifting of investment from the social media projects to green projects, Mohamed Mansour who is an Egyptian billionaire has announced plans for production of 15,000 EVs.