Companies are expanding the introduction of new models of electric cars in the country

Workers and specialists in car agencies confirmed that local markets are witnessing an expansion in the introduction of new models of electric and hybrid vehicles by global brands with more diverse specifications and different price options.

They told Al-Emarat Al-Youm that this enhances the increase and diversity of the supply of these cars and stimulates demand for them, pointing out that the increased intensity of competition between companies reflects positively on consumers, in terms of the availability of offers, especially with companies moving towards obtaining larger market shares of sales, which is reflected in the markets.

They added that diversity and increased competition will also contribute to improving the technologies in these cars, noting that this is one of the important things that consumers look for in electric cars.

Local markets have witnessed competitive manifestations during the recent period, with the introduction of new electric and hybrid cars from European brands, and other models from Asian brands from different countries.

In detail, the General Manager of Al Habtoor Motors, Karim Adnan Maqsoud, said that the country’s markets are witnessing an expansion in the introduction of new and different models of electric cars, in a way that supports the increase and diversity of the supply of these cars, and enhances the growing demand in the electric car sector, with the availability of more diverse price options and specifications for consumers.

He added that according to market studies, electric car sales in the local market are expected to grow at an average annual rate of 16% until 2028.

Maqsoud pointed out that the increased competition between companies in launching new models has a positive impact on consumers, in terms of the availability of suitable price offers, especially with companies moving towards obtaining larger market shares of sales of these vehicles.

For his part, the President of Hyundai and Genesis Emirates, Sulaiman Al Zaben, said that the expansion witnessed by the local markets by introducing new models of electric or hybrid cars is also reflected positively on the markets in terms of sales growth, with an increase in purchasing options for consumers, and a diversity of supply in terms of prices and specifications.

He considered that introducing new electric cars that suit the different needs of consumers will encourage many of them to make the decision to purchase these vehicles.

In turn, the General Manager of Al-Futtaim Electric Transport, Hassan Narjis, said that the increase in the introduction of new electric car models stimulates demand for them, noting that sales of electric and hybrid cars are witnessing a continuous increase.

He added that according to the International Energy Agency, 14 million new electric vehicles were registered worldwide last year, bringing the total number of electric vehicles on the road to 40 million vehicles.

Nargis explained that electric cars accounted for 18% of the total cars sold globally in 2023, compared to 14% in 2022, and only 2% five years ago (in 2018).

In the same context, Yaser Shabsogh, Vice President of Commercial Operations at Kia Middle East and Africa, said that there is a noticeable trend in local markets to introduce new vehicles, whether electric or hybrid, which supports the increase in supply and diversity in categories and models, which provides consumers with many options that suit their needs and preferences, and encourages them to buy. He added that the diversity and increasing competition between brands will contribute to improving the technologies present in these cars, noting that this is one of the important things that consumers look for in electric cars, given the complete reliance on them in this type of vehicle.

Market growth

The UAE’s hybrid and electric vehicle market is expected to reach $1.34 billion by the end of this year, with expectations of reaching $5.19 billion by 2029, at a compound annual growth rate of 31.1%, according to a report by Mordor Intelligence.