File Photo: Electric vehicles charging station. Al-Ahram
According to a cabinet statement on Monday, the council approved an initiative by e-mobility startup Shift EV to convert 100,000 fuel-powered vehicles to run on electric power over five years, including 80,000 pickup cargo trucks and 20,000 minivans.
The startup also presented an initiative to provide green incentives for the first 10,000 vehicles converted until it reaches economies of scale.
Economies of scale are cost advantages reaped by companies when production becomes efficient. Economies of scale occur when more units of a good or service can be produced on a larger scale with fewer input costs.
Light means of transport
Another initiative was presented by the Egyptian e-mobility platform BluEV to convert light means of transport to run on electric power, including bicycles and tricycles.
Clients will be required to create an account on BluEV after purchasing an electric vehicle or converting their old cars, to gain access to the smart batteries network and pay from their e-wallets.
The platform stated that electric power would cost customers 30 percent less than fuel.
Egypt going green
The Egyptian government is adopting many initiatives, agreements, and decisions to transform the economy towards sustainability to increase renewable energy contribution to its energy mix to 42 percent by 2030.
In October 2022, the Senate approved a bill aimed to establish a supreme council for car manufacturing and set up a fund to provide financing for an environment-friendly electric vehicle industry in Egypt.
The government launched earlier in the same year a national strategy to develop the automotive industry in the country, including the electric vehicle manufacturing sector.