EV prices hold steady in July

From the newsletter 

Average EV prices in four of Africa’s largest markets have remained mostly stable this month, according to data collected by Mobility Rising. In Kenya, prices only changed for the Spiro Ekon 450 M1 motorbike and the Hyundai IONIQ 5 electric car. While some models, including the VW ID.6, saw price fluctuations across the continent, BYD prices remained unchanged throughout.

• Mobility Rising monitors popular EV price trends across Kenya, Nigeria, Egypt, and South Africa on a monthly basis, focusing on both electric motorcycles and electric cars. 

• Egypt and South Africa are emerging as key entry points for EV manufacturers. While competition in these markets remains strong, the rise in EV prices is becoming increasingly noticeable. Volkswagen's ID.6 saw a 2.1% price increase in Egypt during the month, while the Volvo EX30 reduced by 0.2% in South Africa in July.

More details

• Nigeria recorded the sharpest price surge this month, with Silitech’s electric Ginsu rising by 11.3%, almost four times the monthly average increase. Despite this, it remains more affordable at ₦2,700,000 ($1,770) compared to MAX M3 priced at ₦3,285,000 ($2,155). Egypt also saw notable growth, with Yadea Z3 electric motorcycles rising 2.44% this month and 9% over the last three months, currently retailing at EGP38,200 ($780).
  

• Although South Africa's monthly increase was moderate at 1%, prices have surged in the past quarter. The EWIZZ Lightning N133 jumped by 7.4% to R180,000 ($10,080), while the Vmoto TC Wanderer climbed by the same margin to R70,000 ($4,000), reflecting rising interest in higher-end models.
  

• Kenya continues to exhibit the most stable EV pricing trends, with minimal changes observed throughout the second quarter of the year. Spiro’s Ekon 450 M1 saw only a 2% increase over the last three months. Electric car prices remained relatively unchanged, with the SkyWorth 620 series rising just 1.1% to KSh7,600,000 ($58,700).
  

• Egypt and Nigeria offer strong short-term opportunities due to rapid price movements and increasing demand. Egypt's consistent growth and mid-range pricing appeal to a cost-sensitive yet expanding market. Meanwhile, Nigeria’s lower entry prices and growing adoption make it attractive for large-scale, affordable EV solutions.
  

• Nigeria presents the highest profit margins due to rapid price increases and rising consumer demand for affordable models. The ability to scale production and reach price-conscious buyers gives manufacturers a competitive edge. Egypt follows closely, especially with increasing consumer interest in electric two-wheelers.
  

• With new entrants like Orbit Electric poised to join the Nigerian market, pricing dynamics may shift significantly. The introduction of more brands could increase competition, potentially stabilising or slightly reducing prices in the mid-term. However, in the short term, anticipation of premium offerings may drive further price hikes.

Our take

• Imported EVs across Africa face multiple layers of taxation, including VAT, excise duties, and import levies, which significantly inflate final consumer prices. These taxes vary by country but collectively hinder price reductions even when global prices fall.

• Mobility Rising tracking shows that electric motorcycles experience more frequent price changes than electric cars. The influx of new models is altering the demand–supply balance, leading to greater price volatility in the two-wheeler segment.

• Looking ahead, price stability may gradually improve with the expansion of local assembly and supportive government policies. However, substantial reductions are only likely in the medium to long term as infrastructure, manufacturing, and regulatory environments mature.