June EV prices rise fastest in Egypt

From the newsletter

Egypt has seen the fastest increase in prices of electric vehicles over the past one month, according to data collected by Mobility Rising. The increase was mainly driven by rising demand. Prices in Kenya and Nigeria remained broadly stable, while South Africa recorded price EV volatility in certain segments like Volvo and Ultra scooters. 

• Mobility Rising tracks data monthly in four major African EV markets: South Africa, Egypt, Nigeria and Kenya. The pricing data focuses on three widely used electric cars and motorcycles in each market.

• Egypt has become a magnet for EV companies in recent years as sales increase. However, currency fluctuations and inflation are impacting the business.

More details

• Prices for both scooters and cars went up significantly in Egypt, with the price of the Yadea S-Pardus rising from EGP 61,747 to EGP 63,000 ($1,234 to $1,260), a 4% increase. Similarly, the Yadea Z3 climbed from EGP 36,000 to EGP 37,500 ($720 to $750), marking a 6.4% jump. The VW ID.6, a popular electric SUV, also rose by 4.3% from EGP 2,300,000 to EGP 2,350,000 ($46,000 to $47,000). 

• Egypt is one of Africa’s most active EV markets, driven by policy incentives and local manufacturing. However, the launch of the Nasr E70, Egypt’s first locally-made electric car estimated at $20,000, has drawn criticism due to its quality-to-price ratio when compared to Chinese imports.

• In Kenya, prices remained stable across most models, with a few exceptions. The Skyworth 620 series saw a small increase from KES 7,500,000 to KES 7,600,000 ($58,139 to $58,915), while BYD models maintained their prices. In the electric motorcycle category, the Spiro Ekon 450 experienced a modest increase from KES 152,000 to KES 153,500 ($1,178 to $1,190). Meanwhile, the Roam Air (KES 296,000 / $2,295) and Ampersand Gen 3 (KES 220,000 / $1,707) held steady. This suggests pricing stability in Kenya’s motorcycle segment, possibly due to efficient local operations or steady demand.

• Kenya’s electric motorcycle market appears to be in a phase of pricing equilibrium. Aside from the minor adjustment by Spiro, most motorcycles remained at their May levels. This suggests that either operational costs have stabilised or pricing strategies are effectively aligned with local purchasing power.

• South Africa showed mixed trends with both price reductions and increases. The Ultra Scooter Stealth Rider saw a 2% price drop, falling from ZAR 68,000 to ZAR 64,700 ($3,808 to $3,623). This could be a strategic response to market competition. On the other hand, Volvo raised the price of its EX30 model from ZAR 775,900 to ZAR 785,000 ($44,450 to $43,960 in USD terms). While the increase appears minor in local currency, it highlights a unique pricing trend compared to competitors like the BYD Atto 3 (ZAR 768,000 / $43,008) and MG Cyberstar (ZAR 1,399,900 / $78,394), which maintained their previous price points in the past two months.

• Volvo's price hikes in South Africa contrast with market stability elsewhere. The brand’s introduction of the EX90 in April and subsequent price increase for the EX30 may unsettle buyers seeking affordable electric SUVs, especially as rivals like BYD and MG hold their ground. This could impact consumer confidence in Volvo’s value proposition.

• In Nigeria, EV prices remained unchanged across the board. The MAX M3 electric motorcycle held at ₦3,285,000 ($2,102), Siltech Electric Ginsu stayed at ₦2,500,000 ($1,600), and electric cars like the SAGLEV Voyah Chasing and BYD Atto 3 remained at ₦49,000,000 ($31,360) and ₦50,000,000 ($32,000), respectively. This price consistency may reflect policy stability, but long-term pressure from exchange rates and import dependency could change this trend.

Our take

• While Egypt’s EV demand is booming, the steep price hikes could raise red flags for international investors. High inflation and currency risk make revenue forecasting and profit margins harder to maintain.

• Price hikes, even when demand is strong, may alienate middle-class consumers in Egypt who were initially excited about EVs as a cheaper, cleaner option. If EVs become too expensive, public enthusiasm could shrink, especially without subsidies or low-cost financing.

• Egypt and Kenya are particularly sensitive to forex changes, which impact dollar-converted pricing. With the dollar at KES 129, ZAR 18, EGP 49, and ₦1,560, small local currency shifts can lead to significant pricing implications for importers and buyers alike, especially in high-value vehicles.