While high interest rates have dampened electric vehicle (EV) demand in the US, other regions like Asia and the Middle East are experiencing a surge in EV adoption. Analysts project the global EV market will grow from $500.48 billion in 2023 to $1.5 trillion by 2030, with Asia expecting at least 22% annual EV sales growth until 2028 and the Middle East market nearly tripling to $7.65 billion.
Several EV companies have recognized this opportunity and are making strategic moves to establish a foothold in these rapidly growing markets. VivoPower International PLC (NASDAQ:VVPR) offers a unique approach by providing conversion kits to transform internal combustion engine vehicles into EVs. The company has secured commitments for over 5,000 kits and an order pipeline exceeding 10,000 in the first half of 2023, including agreements in Jordan and Kenya, opening doors to the Middle East and second-hand vehicle segments.
VinFast Auto Ltd. (NASDAQ:VFS), a Vietnamese EV maker, recently announced plans to sell its electric vehicles in Thailand and Indonesia, capitalizing on these countries’ ambitious EV adoption goals. Meanwhile, NWTN (NASDAQ:NWTN), a UAE-based green energy company, has established a collaboration with Autostrad Car Rental Company to introduce its Rabdan One EVs into the prestigious COP 28 event fleet.
Lucid Group, Inc. (NASDAQ:LCID), an American EV company, has received significant support from Saudi Arabia’s Public Investment Fund, with a recent $1 billion investment. Lucid aims to expand its addressable market with the upcoming launch of the Gravity SUV and a more affordable midsize car model.
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