[ad_1]
Blu EV, an Egyptian electric mobility company of billionaire Naguib Sawiris, is planning to invest $100 million in Morocco in a project of electric conversion of fuel-powered motorcycles.
Its expansion into Morocco is part of a larger plan to grow gradually across MENA. The company is building on its success in Egypt in providing affordable and eco-friendly two-wheeled transportation solutions.
Morocco is home to two major car factories that have started producing electric or hybrid models for export. Last week, Renault Tangier celebrated the production of the 2,000th Mobilise DUO, the first fully electric four-wheeled vehicle made in Morocco.
The Egyptian start-up wants to tap into the Moroccan electric two- and three-wheeler market especially in the cities of Casablanca, Marrakech, and Fez where motorcycles are very popular.
There are over 3 million motorcycles in Morocco. With an annual growth rate of 8%, this market offers a solid base for the expansion of the electric two-wheelers.
Driven by rapid urbanization, motorcycles remain the primary mode of transportation for low-to-middle-income groups and smaller cities, leading to increasing penetration rates and a growing demand for electric two-wheelers.
To speed up its decarbonization transition, Moroccan government is offering tax breaks and purchase subsidies for new energy vehicles, aiming to add 500,000 green vehicles by 2025.
This policy dividend will further stimulate the growth of the electric two- and three-wheeler market. Furthermore, Morocco plans to increase the share of renewable energy to 52% by 2030, creating favorable energy conditions for electric vehicle growth.
[ad_2]
Source link