Egypt likely to rank third among electric vehicle markets in Arab region

Egypt is likely to rank third among prominent electric vehicle market in the Arab region according to estimates of ESCWA for the coming five years.

A report by the cabinet’s Information and Decision Support Centre, the value of electric vehicle market in the Arab region is expected to reach $84 million by 2026 against $35 million in 2020.

It also expected Egypt to figure high among the markets of the UAE, Saudi Arabia and Morocco.

ESCWA also expected that the volume of annual production of electric vehicle to hit 20,000 by 2026 with 50 per cent locally-manufacured components.

The Egyptian government promised to boost the cost of the first 100,000 electric vehicles to boost the manufacturing of electric cars.