RIYADH: With global sales of electric vehicles expected to exceed 17 million units by 2024, introducing Chinese auto models into the Middle East may propel regional sales of these vehicles.
The newest forecast from the International Energy Agency indicates that this represents a 21.42 percent increase from the previous year. China accounted for over 60% of new electric car registrations in 2023, followed by the US at 10% and Europe at 25%.
Our data clearly shows a persistent trend toward electric vehicles, albeit one that is more pronounced in some markets than others. According to IEA Executive Director Fatih Birol, the worldwide EV revolution doesn’t seem to be slowing down; on the contrary, it seems to be preparing for a new stage of expansion.
According to the Global EV Outlook 2024, barely 1% of all cars sold in Africa, Eurasia, and the Middle East are electric cars, indicating that these markets are still in their infancy.
In the upcoming years, the industry may be able to grow as a result of Chinese automakers’ desire to investigate these areas in addition to producing cars in their own country.
The IEA reported that BYD, a Chinese manufacturer, formed a joint venture with UzAuto Motors in Uzbekistan in 2023 to produce 50,000 electric cars yearly, while Chery International partnered with ADM Jizzakh.
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