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EV Charging Investments in UAE

EV Charging Investment in dubai

Government has shown strong commitment to sustainability and reducing carbon emissions. They have implemented various initiatives and incentives to promote EV adoption of electric vehicles, such as free charging, exemption from registration fees for Electric vehicles, reduction on toll fees, and access to carpool lanes. The incentives offered by the government, banks, and car dealers have led increased environmental awareness among citizens. This is all about the growing popularity and acceptance of electric vehicles in the UAE. Demand for electric vehicles in the UAE has continued to grow at a compound annual growth rate of 30 percent between 2022 and 2028, according to the Global Electric Mobility Readiness Index published in 2022. The UAE government has invested significantly in developing a robust charging infrastructure as Arab world’s second-largest economy aims to become net zero by 2050. They have worked closely with public and private entities to install a nationwide network of charging stations. These charging stations are strategically placed in city centers, shopping malls, hotels, and other public areas so electric vehicle owners can conveniently charge them. Recently in an update from Economic Times UAE-based META4 is investing 250 million rupees in an EV two-wheeler plant in India. Which will create nearly 500 direct and 2,000 indirect jobs in the state.

 As people become more aware of the environmental benefits of electric vehicles and the harmful effects of conventional fossil fuel vehicles, they are opting for E-vehicles as a greener alternative. Seen as a symbol of progress, modernity, and environmental awareness Automakers have introduced a wide range of e-vehicle models in the UAE market. From compact city cars to luxury sedans and SUVs, there is a growing selection of e-vehicles that cater to different preferences and budgets. The availability of different models makes EVs more attractive and accessible to a wider range of consumers hence it is benefitting long-term cost savings compared to traditional gasoline-powered vehicles. The cost of electricity to charge an EV is significantly lower than the cost of gasoline. These factors have contributed to the growing popularity of EVs in the UAE, resulting in an increasing number of EVs on the road and a shift towards sustainable transportation options. This year’s EVIS featured 30 countries and a variety of regional and international companies that will showcase their latest EV products, as market players invest in innovative electric vehicle charging solutions ready to expand existing infrastructure to improve driver convenience, which is expected to further drive growth of the UAE electric vehicle market. The United Arab Emirates, the country with the most efficient urban planning, focused on sustainable mobility 10 years ago. Under an agreement with ENGIE, the UAE will support the development of a digital platform for electric vehicle charging and the creation of accessible, safe, and sustainable mobility solutions to support the UAE’s climate change agenda and achieve the goal of putting around 42,000 electric cars on the roads by 2030. The Global market for electric cars accounts for 9 per cent of the total automotive industry. The willingness of UAE consumers to use electric cars has continued to attract investment, including from large global companies like Bayerische Motoren Werke AGBYD AutoCheryVolkswagenHyundai Motor Company Daimler AGFord Motor Company, GeelyGeneral MotorsHyundai Motor CompanyNissanRenaultSAIC Motor, Tesla Inc and Toyota Motor Corporation,. The Dh1.5 billion plant in Dubai Industrial City – with a total area of 93,000 square meters – will be one of the largest in the Middle East and is expected to produce 55,000 electric cars a year as the demand for environmentally friendly mobility increases, Glory Holding Group said. In June 2023 Tata Motors said that it will be creating a new electric vehicles (EV) subsidiary that will require over Rs 16,000 crore of investment in the next five years. TPG Rise Climate and Abu Dhabi’s ADQ will be investing Rs 7,500 crore (close to $1 billion) for an 11-15% stake in this subsidiary.

 The investment will value the “TML EVCo” at $9.1 billion at the upper end. The EV’s revolution does not end with cars, the future is bright and progressive as the first electric fire lorry was introduced in 2021. In the coming years, electric waste disposal vehicles will glide quietly through neighborhoods to collect rubbish and recycling, and electric postal vehicles and an increasing number of electric trucks will deliver mail and parcels from warehouses to homes without polluting the air. In statements on the sidelines of the conference, Adnoc Distribution agreed with Abu Dhabi National Energy Company (TAQA) to establish a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure in Abu Dhabi and across the UAE. Demand for electric vehicles is expected to increase by 30 per cent annually until 2028.

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