The sales of electric vehicles (EVs) are rising at an accelerated rate in some of the major importers of Nigerian crude oil, including France, Spain, India, and the United States. In the first quarter of 2024, these countries witnessed notable increases in the adoption of EVs. France saw a 24.3% increase in EV sales compared to the same period in 2023, while India experienced a 40% increase. The United States had the most significant growth, with a 50% increase in EV sales [a73f3836].
This shift towards EVs poses a significant threat to Nigeria's crude oil industry. Nigeria, which heavily relies on oil exports, may struggle to fully utilize its reserves of crude oil as the demand for oil is expected to decrease by 2030. Fuels, oils, and distillation products currently account for more than 90% of Nigeria's export value. The growing popularity of EVs in major oil-importing countries could further reduce the demand for Nigerian crude oil [a73f3836].
Despite the challenges posed by the rise of EVs, Nigeria has taken some steps towards embracing electric mobility. The country recently inaugurated its first electric vehicle charging station, established by NNPC New Energies Limited, a subsidiary of the Nigerian National Petroleum Corporation. This development is a significant milestone in Nigeria's transition to electric vehicles. NNPC New Energies Limited also signed a Memorandum of Understanding (MoU) to establish more charging stations throughout the country [a73f3836].
In addition to the threat posed by EVs to Nigeria's crude oil industry, South Africa's plan to transition to electric vehicles may also face uncertainty due to a potential shift in the European Union's electric car policy. Right-wing parties in Europe, including the European Conservatives and Reformists (ECR) parliamentary group, are rallying against the EU's 2035 deadline to phase out sales of internal combustion engine cars. The success of South Africa's transition to EVs is closely tied to global trends, including the EU's policies, as South Africa is the largest automotive manufacturing hub in Africa [38b28c75].
Furthermore, India's need for micro EVs has been highlighted as a crucial factor in driving the adoption of EVs in the country. Currently, EVs in India are expensive compared to their petrol counterparts, and the high upfront cost and battery replacement costs deter potential buyers. Micro EVs with a range of 65-70 km, top speed of 55-60 km/h, and a price comparable to small ICE cars would be more suitable for urban India. Understanding the specific needs and preferences of the Indian market is crucial to driving the adoption of EVs [9186cb5c].
According to a recent report by CarbonCredits.Com, the global electric vehicle (EV) market in 2024 shows varied progress across different regions and segments. Overall EV sales are increasing, but some markets are slowing and automakers have delayed their EV targets. China, India, and France continue to see healthy growth in EV sales, while Germany, Italy, and the US face challenges. Japan's market is hampered by a lack of EV commitment from major carmakers. Kia aims for 1.6 million EV sales by 2030 and Volvo's EV sales surged 53% in April 2024. By 2027, EVs will comprise 33% of global new passenger vehicle sales, with China and Europe leading. The global EV fleet will expand to over 132 million by 2027. Decarbonizing commercial vehicles is also accelerating, with electric light-duty delivery vans and trucks gaining market share in China, South Korea, and parts of Europe. Electric heavy trucks will become economically viable for most uses by 2030. New environmental policies in Europe and the US will drive the adoption of electric and fuel-cell trucks. A fully electric vehicle global fleet could consume twice the electricity the US did in 2023 by 2050. LFP batteries are dominating the EV market, reducing the need for metals like nickel and manganese. PHEVs are experiencing a resurgence, driven mainly by China. The adoption of EVs and electrification of commercial vehicles are on the rise, but significant investments in infrastructure and regulatory support are crucial for long-term environmental goals [e9bcd22d].
American electric vehicle manufacturer Saglev has established an electric car assembly plant in Lagos, Nigeria. The company released a video showcasing its production lines and features. The CEO of Saglev, Sam Faleye, stated that the company's electric cars can cover 300km on a single charge, equivalent to driving from Oshodi to Ajah in Lagos 10 times. The video also revealed that one of the Saglev electric cars sells for N137 million. In a related development, Nigerian energy company Egoras Technology plans to unveil its electric vehicle charging station, Egostation, in Port Harcourt, Rivers State [2cf1bb58].
The article from EV World provides additional insights into the electric vehicle (EV) market and renewable energy. It mentions Tesla's Impact Report for 2023, which highlights the record uptime of its Supercharger network and the reduction in CO2 emissions by Tesla customers. The article also addresses misconceptions about EV costs and sales, with Pete Buttigieg correcting false claims made by Scott Perry. The UK-based company Electrogenic's EV conversion kit for the DeLorean DMC-12 and the successful test flight of the Aerofugia eVTOL are also mentioned. The micromobility market's growth, the future of fossil fuels in the auto industry, Rimac's Verne brand focusing on autonomous driving, and the increasing adoption of e-buses are discussed as well. The article concludes with a list of recent podcast episodes and news postings on EVWorld.com [168d4af1].
