With the cost of gasoline at an all-time high in June, demand for electric cars (EVs) has skyrocketed in the UAE. In light of the high cost of oil in the UAE, Belal Nasr, CEO of New Auto, stressed that EVs are extremely economical.
“Instead of spending 2,000 Dhm on fuel, we can pay the same amount in installments for the new electric vehicle. “Banks are also offering very attractive interest rates on electric vehicles, and the government is also encouraging the use of electric cars.” said Nasr.
He said that as fuel prices rose, there was a rise in demand for EVS. and that customers are worried because the price has remained high in global markets.
The company imports and exports various brands of electric vehicles, including Volkswagen, Hyundai and Kia. Nasr noted that the UAE market is experiencing a rarity of electric vehicles due to high demand in the local market.
According to a poll conducted by Audi Abu Dhabi, 52% of UAE residents plan to buy hybrid or electric vehicles as a result of rising gasoline prices, while 25% expect more EV alternatives before making a decision. Surprisingly, 14% claimed to have recently acquired a petrol car, but would have liked to have bought a hybrid / electric vehicle.
Sales of electric cars in the UAE increased by 200%.
Fuel prices in the United Arab Emirates reached a record high of almost four dirhams per liter in June, up 56% from January 2022 due to the spike in world oil prices caused by the Russia-Ukraine situation.
“Over time, interest in EVs naturally increased. “However, the rising cost of gasoline has likely accelerated the shift in customer attitudes towards EV adoption,” said Mark Austin, Audi Abu Dhabi general manager Mark Austin.
Charging electric vehicles is currently free or relatively low, according to Amjad Nasr, CEO of New Auto. “Charging EVs costs a lot less compared to filling fuel prices. A normal car costs 200-250 Dh to fill the tank. Thus, filling the tank 8 to 10 times a month means 2,000 Dh2, which the car owner can pay for the monthly installment of his electric car “, he said.
In the United Arab Emirates, some shopping malls and buildings now offer free electric parking and parking. Owners of eco-friendly vehicles can also receive a tax-free sticker when registering their car.