Mobility price index rises 1.6% in May

From the newsletter

Consumer prices in Africa’s electric mobility sector have increased by 1.6% in the past month as measured by the change in prices in a representative basket of products. They include electric motorcycle and electric car prices, consumer financing costs and fees for powering options. Prices are collected by our data analysts in East, West, North and southern Africa. 

• The rise of the Mobility Rising price index to 1,016 was mainly driven by an increase in the cost of charging electric motorcycles and cars, which went up by 3.3% in Kenya and 5.71% in South Africa during April.

• The cost of EVs rose by 1.3% in South Africa, where the cost of loans also went up by 1.4%. In Kenya, the increase was marginal, with the price of EVs and loans increasing by only 0.09% each.

More details

• In Kenya, the prices of EVs and the cost of loans held steady, but the cost of charging rose from an average of $0.91 per unit to $0.94. The price increase affected both DC and AC charging as well as battery swapping for motorcycles.

• The price of EVs reduced in Egypt, where China’s BYD has now become the top seller. In our analysis, the cost of electric scooters such as Yadea reduced, while the cost of electric cars such as the Hyundai Ioniq 5 also dropped. 

• In South Africa, the average price of an EV increased from $29,339 to $29,739, while a financed car costs $31,984, up from $31,542 in April. Similarly, charging companies raised costs from an average of $0.35 to $0.37. 

• According to our analysis, the price for using the slow AC chargers in South Africa is the lowest, but its DC prices are the highest among the three countries. The country’s AC charging ranges from $0.32 to $0.33 per kWh, but its fast DC chargers average between $0.42 and $0.45 per unit. 

• Overall, the index shows that it is becoming more expensive to own an EV in Africa’s leading countries. However, as the decline in EV prices during the month in Egypt shows, these trends are not permanent and could change any time. 

• The index also shows that most of the factors that inform the pricing of EVs are local. While global factors such as the cost of manufacturing in origin countries play a role, local taxes, competition, and other local considerations are the biggest price drivers.  

Our take

• As our analysis shows, the most significant price increases in the index came from rising charging fees, particularly in Kenya and South Africa. As more EVs enter the market, charging providers may continue adjusting prices based on demand and grid capacity.

• While EV prices rose in South Africa, they declined in Egypt, largely driven by the growing influence of Chinese automakers like BYD. This suggests that local market forces, competition, and supply chain efficiencies play a bigger role in pricing than global trends.

• Small but notable increases in loan costs could impact consumer affordability. If financing becomes more expensive, buyers may seek alternative ownership models, such as leasing or battery-as-a-service.