UAE: Demand for electric vehicles up by 200% as fuel prices rise

UAE: Demand for electric vehicles up by 200% as fuel prices rise

Demand for electric vehicles (EVs) has grown exponentially in the UAE as fuel prices reached an all-time high in June.

Industry executives say motorists, especially those who regularly commute between different emirates of the UAE, are increasingly switching to EVs as new brands also make their way into the UAE.

Belal Nasr, CEO of New Auto, stressed that EVs are highly economical considering the high oil prices in the UAE.

"Instead of spending Dh2,000 on fuel, we can pay the same amount as instalments for the new electric vehicle. Also, banks are offering very attractive interest rates on electric vehicles and the government also encourages the use of electric cars," said Nasr.

He said there had been a huge demand for EVS after fuel prices increased, and motorists are worried because the price is consistently staying high in the global markets.

The company is importing several EV brands, including Volkswagen, Hyundai, Kia, and exports them to other countries.

Following strong demand in the local market, Nasr added that the UAE market is seeing a shortage of EVs.

A survey by Audi Abu Dhabi has revealed that 52 per cent of UAE residents are considering hybrid or electric vehicles due to the rise in fuel prices, while 25