All Israel
guest column

Israel rapidly shifting to electric vehicles

View of a charging station for electrical vehicles, June 10, 2020. (Photo: Sraya Diamant/Flash90)

The Israeli car market has changed a lot in the past year, as more people are buying electric vehicles (EV) instead of cars that run on gasoline. According to a recently released report, in the first 11 months of 2022, 256,700 new cars were delivered in Israel, a 9.8% decrease from the same period last year. However, almost 10% of new car sales during that period were EVs. This may seem insignificant, but when compared to statistics from three years ago, it is an astounding 900% rise.

In November alone, the percentage of EVs sold increased to 35%. Experts expect that this figure will rise even further this month when a 10% purchase tax expires and a new 20% rate is implemented for new EV purchases in January.

The switch to electric vehicles has also drawn previously unknown names to the Israeli market. And it appears that Chinese automakers currently have a clear advantage. During the first 11 months of this year, 24,000 EVs were sold in Israel, with China producing 64% of them. It should be noted that this figure includes Western manufacturers with factories in China, such as Volvo and Tesla. This caveat, however, should not downplay the impact that the world's second largest economy has on the total market for EVs, and Israel in particular.

With 5,700 units of the Geometry C model sold in Israel this year, Chinese automaker Geely Auto Group leads the way with a 25% market share. Tesla is second, with a 17.5% market share and 4,000 Model 3 EVs sold. China's BYD, which is new to the Israeli market and has sold 1,860 ATTO 3 vehicles, is in third place.

In total, eight new Chinese car brands made their debut in Israel in 2022, with at least two more, Great Wall's Wey and Dongfeng's Voyah, planned in the coming weeks. At least five new models are attempting to enter the Israeli market, according to experts, including Hozon's Neta and Great Wall's Ora, both of which aim to be significantly less expensive than their competitors.

It's not certain what new developments await Israel in the coming year, or whether China will continue to dominate the Israeli market, but one thing is certain: the shift to electric vehicles is likely to continue gaining momentum.

ALL ISRAEL NEWS is committed to fair and balanced coverage and analysis, and honored to publish a wide-range of opinions. That said, views expressed by guest columnists do not necessarily reflect the views of our management or staff.

Isranomics.com is a website that takes a unique look at Israel's economy, business, and innovations. It gives an overview of what's going on in the country's financial markets and provides its readers with useful information about Israeli companies that work in Israel and around the world. It is a good source of information for anyone who wants to get to know Israel from a non-political point of view.

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