Inside Ethiopia's Aggressive EV Revolution [Yahoo! Finance]
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Source: Yahoo! Finance
It is one of several African countries to be introducing incentives to encourage EV uptake as a means of reducing fuel dependency and supporting green transport growth. In January 2024, Ethiopia became the first country in the world to ban the import of petrol and diesel vehicles, in a bid to reduce its fuel dependence and pollution. The government aims to import 500,000 EVs by 2030 as it encourages greater uptake across the country. While many Ethiopians were initially reluctant to switch to EV, they are becoming a much more common sight in the capital of Addis Ababa, and public perception is slowly shifting. In Africa, the EV market size is approximately $450 million in 2025, and it is forecast to reach $4.2 billion by 2030, growing at a CAGR of 56.3 percent between 2025 and 2030. China is expected to become a major exporter of EVs to Africa as it continues to grow its presence in the global EV market. Although the African EV market remains small, government incentives and the g
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