RIYADH: While milestones in the electric vehicle sector continue to be achieved in places including Europe and India, some countries like South Africa expect a rocky road ahead.
Looking at the bigger picture:
- Electric vehicle sales in Europe surpass those of combustion engines for the first time during the month of December, the Financial Times reported. This record is mainly attributed to government subsidies in several European countries as well as the rigid regulations forcing EU manufacturers to sell more low emission vehicles as of 2021.
- The Australian government forecasted that green hydrogen will reach a valuation as much as $36 billion in 30 years time, Reuters reported.
Through a micro lens:
- South Africa based holding firm, Eskom Holdings SOC, is to shut down two of the continent’s most prominent generating units — with a capacity of 920 megawatts each — for maintenance purposes during 2022, Bloomberg reported. This move could potentially worsen the energy supply in the country and increase the risk of power outages which hit record levels in 2021.
- Backed by Japan’s Softbank Group and India’s Reliance industries, Indian electric two-wheeler manufacturer Ola Electric — together with multinational conglomerate corporation Mahindra and Mahindra — have put forward bids under the country’s $2.4 billion battery plan, Reuters reported. The plan aims to encourage investments in domestic businesses in an attempt to build storage for green energy and lay the foundation for a local supply chain for clean transport.
