China holds the world’s largest share of electric vehicles, but demand from other countries has risen. In Brazil they represent a market share of 3%, while in the Middle East and Africa they account for less than 1%.
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According to the minister of investment of Saudi Arabia, Khalid Al-Falih, his country is interested in investing in Brazil’s food, financial, automotive, transport & logistics, infrastructure, ecotourism, and entertainment sectors. He spoke at the Brazil-Saudi Arabia Investment Forum.
Brazilian Autotech Mileto already produces electric motorcycles and minitrucks and intends to bring passenger cars to the market in 2023 with prices starting at BRL 100,000 (USD 19,000). The company aims to export and will hold investment rounds next year. A Dubai fund has become interested in the business.
While sales of conventional cars have shrunk during the pandemic, the demand for electric vehicles has skyrocketed. China leads the market, but Brazil is rushing to create a supply framework, and Arab countries have invested in production, too.
The Arab country announced a 10-year agreement to purchase 50,000 to 100,000 electric cars of the Lucid brand, which is building a plant in the country.
Minister Hisham Tawfik visited the company that will manufacture electric vehicles (EVs) by mid-2022. He met the Chinese model that will be tested in Egypt.
A report by ILO shows that the use of electric cars and the increase in energy efficiency of buildings will help to create jobs until 2030.
