Egypt takes 28th place in new int'l e-mobility readiness index

Egypt achieved the 28th position in the Global Electric Mobility Readiness Index 2023, released by US consulting firm Arthur D. Little. The index categories Egypt as a 'starter market' in the e-mobility sector, indicating its strong opportunities for startups and early infrastructure development. Despite the small presence of electric vehicles (EVs) currently, there is a strong governmental push for their promotion. This move aligns with Egypt's Vision 2030 to accomplish sustainable development goals. The starter markets typically show some advancements in building local EV manufacturing and developing an EV ecosystem. Egypt scored highly in government regulation to bolster its e-mobility ecosystem. Notably, the government plans to ban traditional petrol and diesel cars by 2040, reflecting a positive future for the e-mobility sector. This action is also part of the country's strategy to decrease its greenhouse gas emissions by 10% by 2030. Additionally, in July 2023, the government established a new regulatory authority, the Supreme Council for Vehicle Manufacturing, aiming to bolster local production. Furthermore, the Egyptian Minister of Finance recently announced that the government would subsidize 35% of each EV’s production cost to back local manufacturers. Egypt's green investments are anticipated to account for 50% of its total investments by FY2024/2025.