Zimbabwe lowers import duty on EVs to 25%

• The number of EVs in Zimbabwe is tiny. In 2022, only 30 EVs were registered in the Southern Africa country. This is a minute proportion to the 1.4 million motor vehicles that were registered in the country at the time.

• Zimbabwe has started to embrace EVs, with its government introducing numerous incentives to grow the nascent market. While Zimbabwe is yet to attract many EV companies, Chinese automaker BYD is the only EV firm with official operations in the country.

• Our take: To lower the price of EVs, incentives are critical. With the reduction in import duties and rebates on charging stations, the cost of EVs in Zimbabwe will reduce… Read more (2 min)

Ethio-Engineering Group targets local manufacture of EVs

• Ethio-Engineering Group has 550 engineers it plans to use to produce EVs. Ethiopia also mines lithium, a metal used to make electric batteries. The corporation is pursuing collaborations with technology providers to process the mineral locally for domestic battery manufacturing.

• Ethiopia is aiming to utilize its total ban on the importation of petrol and diesel vehicles to grow its local EV manufacturing sector. This will involve both State-owned entities like Ethio-Engineering and private investors.

• Our take: Local assembly of EVs will support the growth of Ethiopia’s manufacturing sector. The country already has numerous advantages that it can offer investors, including cheap power and labour… Read more (2 min)

Spiro to pilot interest free financing in Kenya

• BodaBoost Limited is a Kenyan company dedicated to providing boda boda riders with access to electric bikes, interest-free loans, and medical coverage. Its financing model adheres to Islamic financial principles.

• In Kenya alone, there are 1.5 million riders, making it one of the largest markets for motorcycle taxis in Africa. The country has multiple key financing players such as Mogo, M-KOPA, Watu Credit and 4G Capital who offer interest loans to their customers. Therefore, the zero interest model could offer tangible competition to them leading to lower interest rates in the future.

• Our take: This interest-free loan model can unlock accelerated EV adoption, thereby increasing the demand for battery and charging infrastructure… Read more (2 min)

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