Mbay Mobility is seeking risk capital

• Mbay plans to use the funding to expand into new markets: Ivory Coast, Togo, Benin, Cameroon, Gabon and Congo Republic. It plans to capture a big share of the estimated $4.5 billion taxi market in those countries combined.  

• The startup’s revenue shows that EV sales and leasing models are generating meaningful cash flows even at small scale, also demonstrated by startups in other markets like Kenya, Morocco and South Africa.  

• Our take: Founder–investor networks are still thin in Africa, and EV startups openly fundraising enables more investors to participate… Read more (2 min)

Kia is expanding its market presence

• Egypt is Kia’s newest market in its aggressive expansion of its EV offering in Africa, a market dominated by Chinese brands. The company is already selling its EVs in Kenya and is planning to launch them in South Africa in 2026.  

• While EV-only manufacturers, mainly from China, took an early lead in Africa, traditional automakers that have now ventured into EV manufacturing like Kia are catching up. This competition is expected to drive down prices faster than initially anticipated. 

• Our take: Expect traditional auto heavyweights to carve out EV market share from early leaders like BYD by leveraging brand recognition and trust… Read more (2 min)

Projects tracker: New EV production capacity

• EF Motors is expected to commence operations in Nigeria early next year. BAIC will begin assembling its B30 model in South Africa, while EKA Mobility is setting up operations in Ghana. 

• NEO Motors is also expanding its production capacity in Morocco, and MAC is establishing a new facility in Egypt. However, the slow pace of completing ongoing plants in Africa undermines the momentum currently building in the sector. 

• Our take: The priority should be the completion of existing EV plants before the commencement of new ones… Read more (2 min)