Funding for EV companies stagnates

From the newsletter

Africa’s electric mobility sector attracted $10 million in funding in September, the same amount as in August. The funding was raised by ARC Ride, an electric motorcycle startup based in Kenya, and will be used to scale up battery swapping stations. This marks its second funding round in 2025, following a $5 million raise in May from British International Investment (BII).

• EV funding in Africa has been concentrated in East Africa this year, with deals recorded in every month of the year except January and February. West Africa follows in second place, while North Africa ranks third.

• Investment in the EV sector this year has largely targeted electric two-wheelers, with most electric cars being imported.  

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