{"id":608694,"date":"2023-10-24T00:00:00","date_gmt":"2023-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/24\/egypts-nascent-ev-sector-classified-as-starter-market-but-theres-good-news\/"},"modified":"2023-10-24T00:00:00","modified_gmt":"2023-10-24T00:00:00","slug":"egypts-nascent-ev-sector-classified-as-starter-market-but-theres-good-news","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/24\/egypts-nascent-ev-sector-classified-as-starter-market-but-theres-good-news\/","title":{"rendered":"Egypt\u2019s nascent EV sector classified as \u201cstarter market,\u201d but there\u2019s good news"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt ranks 28 out of 35 countries in relative preparedness + progress toward <\/strong><strong>e-mobility roll out: <\/strong>Egypt\u2019s electric mobility sector was classified as a \u201cstarter market\u201d in a <a target=\"_blank\" href=\"http:\/\/climate.enterprise.press\/wp-content\/uploads\/2023\/10\/adlittle.pdf\" style=\"\" rel=\"noopener\">readiness index report (pdf)<\/a> by US consulting firm Arthur D. Little on how favorable an electric vehicle (EV) transition is in 35 countries. Egypt scored 32 points out of 100 in the index \u2014 called the Global Electric Mobility Readiness Index (GEMRIX) \u2014 placing it in 28th place amongst the 35 markets included in the study. The countries selected are located across all continents and have varied standings with regards to demographics, economics, motorization, and energy generation. Out of the 12 MENA region countries in the index, Egypt came in 10th place. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are the variables in question?<\/strong> GEMRIX evaluates five major categories that can determine market readiness for EV adoption: <\/p>\n<ul>\n<li>Macro factors can substantially impact EV readiness including higher GDP per capita, more disposable income for emerging technologies, renewable energy production, and smart grids.<\/li>\n<li>The state of the EV market and competitive landscape, evaluated through EV product offering, market share and 5-year sales forecast. <\/li>\n<li>Customer preparedness for EV adoption, which is usually influenced by price and charging accessibility. <\/li>\n<li>Public charging infrastructure, determined by forecasts of network deployment and its level of availability and dependability. <\/li>\n<li>Effective government incentives are in place to compensate for EVs economic disadvantages. Based on how countries perform on those categories \u2014 which are weighted based on their importance for EV adoption \u2014 they are classified under four clusters: global benchmark, ambitious followers, emerging EV markets, and starter market, which Egypt falls under.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why a starter market? <\/strong>Starter electric mobility markets are characterized byhaving high consumer interest and readiness, that is not yet matched by execution and implementation at scale due to major challenges in terms of costs and infrastructure readiness, the report explains. According to how Egypt scored across the five categories outlined above, the contributing factors responsible for \u201claggard EV adoption\u201d are its low GDP per capita \u2014 one of the lowest in the region \u2014 the absence of an adequate charging infrastructure, and the country\u2019s current FX crunch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our regulation is on track:<\/strong> Egypt scored the highest in the government regulation category due its plans to ban traditional petrol and diesel cars by 2040, the report notes. The plan comes as part of its Egypt Vision 2030, which aims to reduce 10% of greenhouse emissions from the energy sector, including oil and gas, by 2030. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And accelerated manufacturing and assembly are helping: <\/strong>In July, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f3876fc9-5cd4-424a-b98d-659dd3d67aed\" style=\"\" rel=\"noopener\">Egypt\u2019s parliament approved<\/a> the establishment of the Supreme Council for Vehicle Manufacturing, a new regulatory body tasked with setting policy for the local automotive industry \u2014 including EV assembly \u2014 and the launching of a new fund offering incentives to companies responsible for assembling environmentally-friendly cars.The council <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4b270e4-cded-4e3d-94b5-a3f8057f9486\" style=\"\" rel=\"noopener\">approved in June<\/a> two initiatives proposed by local startups <a target=\"_blank\" href=\"https:\/\/www.shift-ev.com\/\" style=\"\" rel=\"noopener\">ShiftEV<\/a> and <a target=\"_blank\" href=\"https:\/\/blu-ev.com\/\" style=\"\" rel=\"noopener\">BluEV<\/a> aimed at the adoption of electric vehicles in Egypt. Earlier in 2020,Egypt\u2019s government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b884ec35-1a73-4df1-83e5-10ee39326fcd\" style=\"\" rel=\"noopener\">expanded the list of importers eligible for customs discounts<\/a> of up to 90% provided local content accounted for a minimum of 30% of the finished product, to include companies involved in the manufacture and assembly of EVs. At the same time, they decided to lower the threshold to 10%, and in a move designed to encourage local assembly of EVs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have plans for public charging infrastructure: <\/strong>The Electricity Ministry got things off to a promising start in February, setting the <a target=\"_blank\" href=\"https:\/\/enterprise.press\/greeneconomys\/govt-issues-tariffs-ev-charging\/\" style=\"\" rel=\"noopener\">tariffs motorists will pay<\/a> to charge their EVs in Egypt. Soon after, the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21e784be-7349-4e27-83df-6ad1cf203b93\" style=\"\" rel=\"noopener\">launched a bid<\/a> for private sector firms to join a soon-to-be-established state-owned EV charging firm, with 14 companies including Hassan Allam Utilities, Infinity, and Huawei reportedly registering their interest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the private sector is jumping on the bandwagon: <\/strong>Our friends at Infinity have built <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4376c407-e64d-4210-82ce-321f31931c68\" style=\"\" rel=\"noopener\">at least 115 charging stations<\/a> so far nationwide, part of a plan with the government to set up <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2dd65fe-9507-4ee7-90cc-f2e4a53a5da5\" style=\"\" rel=\"noopener\">6k vehicle charging points at 3k stations<\/a> across the country. Private players from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dbf3ade3-520a-479d-b4fa-6512b2910b9d\" style=\"\" rel=\"noopener\">KarmSolar<\/a> to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5be0efda-2d58-4c27-ba6b-294206b1906b\" style=\"\" rel=\"noopener\">Elsewedy Electric<\/a> took steps to enter the local EV charging sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EV manufacturing companies are responding to the incentives: <\/strong>Al Mansour Automotive recently announced it is looking to set up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f46bde1c-c224-4074-b40a-c29e1224ea8a\" style=\"\" rel=\"noopener\">USD 35 mn car assembly<\/a> and spare parts plant that is likely to include EVs. Emirates\u2019 M Glory Holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a85820d0-ad29-4f50-8d28-0b0c1e3c7a85\" style=\"\" rel=\"noopener\">earmarked USD 550 mn<\/a> in February to establish three EV factories with production and assembly lines in the UAE, Egypt, and Jordan. State-owned El Nasr Automotive <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42e6d66f-39e5-4790-bbe1-a6044c889e85\" style=\"\" rel=\"noopener\">has been looking<\/a> for an international partner to form a joint venture for locally-made electric vehicles for the past couple of years. After talks with Chinese firm Dongfeng <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f0f9e19-5e30-400f-8dba-6213afd8fb58\" style=\"\" rel=\"noopener\">fell through in 2021<\/a>, the government began <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2fc6d644-f126-40b3-81e9-417b7c0213ad\" style=\"\" rel=\"noopener\">discussing a partnership<\/a> with Ashok Leyland, a subsidiary of Indian conglomerate Hinduja Group. In February Chinese auto firm Dongfeng\u2019s E70 500 Pro EVs <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91e40dce-2fd8-44ee-9a94-d83853d42252\" style=\"\" rel=\"noopener\">began selling<\/a> in the Egyptian market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How our neighbors are faring: <\/strong>The majority of the MENA region countries were classified as having emerging EV markets, with the UAE coming in 7th on the overall index and 1st regionally \u2014 bordering the stage of becoming an ambitious follower. Qatar came in 9th place, followed by Jordan in 13th, Kuwait in 14th, Bahrain in 18th, Oman in 19th, Algeria in 20th, Morocco in 22nd, and Saudi Arabia in 23rd place. Lebanon and Iraq are the only MENA countries that ranked lower than Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trade agreements could also give EVs a needed push: <\/strong>African countries might have a better shot at becoming global leaders in EV manufacturing if they consolidate their efforts and position themselves as one regional market, rather than individual countries, industry experts suggested <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42e6d66f-39e5-4790-bbe1-a6044c889e85\" style=\"\" rel=\"noopener\">earlier this year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- Enterprise readers signaled that they\u2019re ready to get on board.<\/strong> Some 90% of those who responded to our <a target=\"_blank\" href=\"https:\/\/enterprise.press\/greeneconomys\/interest-in-electric-vehicles-is-slowly-but-surely-picking-up-in-egypt\/\" style=\"\" rel=\"noopener\">October 2022<\/a> EV survey are planning to buy an EV within the next 10 years \u2014 and one in five they\u2019ll make a purchase in the next 12 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Green is the new black when it comes to energy: <\/strong>The SCZone <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\" style=\"\" rel=\"noopener\">inked<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c54bfd4-d4fc-43ff-8bed-bbaf36445938\" style=\"\" rel=\"noopener\">agreements<\/a> for green manufacturing and green energy investments with Chinese companies worth a combined USD 14.75 bn.<\/li>\n<li><strong>EBRD could be directing USD 325 mn to local SMEs and green projects:<\/strong> The European Bank for Reconstruction and Development (EBRD) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cded12b1-aa45-4946-b80c-fde4714abb48\" style=\"\" rel=\"noopener\">is considering lending<\/a> USD 325 mn to four local banks for on-lending to local SMEs and green projects before the end of 2023.<\/li>\n<li><strong>More green bonds to come in 2024?<\/strong> The government is reportedly mulling over issuing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1d7f4b1-00a8-473b-8c90-5ae46ac85cc0\" style=\"\" rel=\"noopener\">green bonds worth USD 700 mn<\/a> next year to fund an unnamed green project.<\/li>\n<li><strong>Panda bonds for a green cause: <\/strong>Egypt closed its maiden panda bond issuance worth <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/24a3b396-64fe-4ac7-8fd7-c6da54bdcb5a\" style=\"\" rel=\"noopener\">USD 478.7 mn<\/a> last week. The proceeds will fund clean transport projects, healthcare, sustainable water use, and more.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Egypt ranks 28 out of 35 markets in EV readiness, but the market has potential to become \u201can important market for EVs\u201d<\/p>\n","protected":false},"author":1,"featured_media":608695,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7266],"tags":[144,72,356,7109],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-going-green","tag-automotive","tag-enterpriseam","tag-evs","tag-going-green","wpautop","entry"],"acf":{"mongo_id":"53a8e0f0-b5ee-4073-9f7d-57e744051f6a","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1170.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s nascent EV sector classified as \u201cstarter market,\u201d but there\u2019s good news","related_issue":[608668],"teaser":"Egypt ranks 28 out of 35 markets in EV readiness, but the market has potential to become \u201can important market for EVs\u201d","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.25fc7a13-f7e1-4392-9096-e0311b8823bc.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Egypt\u2019s score remained stagnant year-on-year at 35, indicating a moderate level of corruption. The index measures public sector corruption as perceived by experts and businesspeople, giving scores between\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/707.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593812,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/egypt-ranks-93-out-of-140-countries-on-the-world-economic-forums-global-index\/","url_meta":{"origin":608694,"position":1},"title":"Egypt ranks 93 out of 140 countries on the World Economic Forum\u2019s Global Index","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"Egypt ranked 93rd out of 140 countries on the World Economic Forum\u2019s 2019 Global Competitiveness Index, rising one place from last year\u2019s ranking of 94.Where we\u2019ve improved: Egypt is on a general upward trajectory, with our institutions, infrastructure, labor market, financial system, business dynamism, and innovation capability all receiving higher\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/10\/68.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":641664,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/28\/egypt-climbs-15-places-on-wefs-gci\/","url_meta":{"origin":608694,"position":2},"title":"Egypt climbs 15 places on WEF\u2019s GCI","author":"enterpriseam admin","date":"28 September 2017","format":false,"excerpt":"15-place improvement for Egypt on Global Competitiveness Index: Egypt ranks 100th out of 137 countries on the World Economic Forum (WEF)\u2019s Global Competitiveness Index (GCI), an improvement from last year\u2019s reportthat had it in 115th place. The most problematic factors for doing business in Egypt continue to be policy instability,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/9\/900.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591626,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/11\/egypt-ranks-116th-on-the-2019-human-development-report\/","url_meta":{"origin":608694,"position":3},"title":"Egypt ranks 116th on the 2019 Human Development Report","author":"enterpriseam admin","date":"11 December 2019","format":false,"excerpt":"Egypt ranks 116 on 2019 Human Development Report: Egypt\u2019s Human Development Index (HDI) score improved slightly from 0.696 in 2017 to 0.70 in 2018, placing the country in the \u201chigh human development\u201d category. 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