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Amid economic crisis Lebanon-based Electra launched electric car

Quds Rise debuted on Saturday, a red luxury sports car. Amidst the crisis, Lebanon-based Electra successfully launched a locally made automobile.
Quds Rise: Lebanon launches first electric car despite crisis

Image credits- The National

Production of the car

As per the given information, it costs around $30,000. They plan to manufacture 10,000 Quds Rise cars within a year. Furthermore, the red sports car is to be manufactured by Electra, a Lebanon-based company. Also, the director of the EV maker company is Muhammad.

As said by him, the country is struggling with its worst economic crisis. And, imported car sales currently as low. As the black market gets devaluation and capital markets are controlled. Then, the Auto industry in Lebanon is not doing well.

This kind of launch is an initiative to bring more to the country.

Automotive industry in Lebanon

As per a report given by Business Insider last year, the country’s auto industry is slowly shifting. As the shift happens towards the service-oriented model, there is much scope in the market.

Rise is the first foray into the EV market of Lebanon. They come with a promising benefit to shift towards zero carbon emissions. The country still uses fossil fuels electricity majorly.  And shifting towards just EVs is not the sole solution. Though it may take time, the country is starting well. Because Quds Rise is a sports electric vehicle. Which is something only major countries in the automotive industries have.

However, from a buyer’s perspective, the car is cheaper to maintain and has a potential market. The country had always had blackouts or power cuts. Now during an economic crisis, not many countries in the same situation would have gone ahead with the launch.

Charging stations

Last week the company already announced that they will be installing charging stations. For now, they are going to let customers use them for free.

As per the logic given by the company to Reuters.  Electra can boost the demand for renewable energy resources. Though it doesn’t sound promising, it could happen with the government’s involvement eventually.

Besides their charging stations, the country is slowly progressing towards renewable energy.  The stalled projects like wind power are expected to continue now. And finish manufacturing the setup soon.

Additionally, the firm plans to set up 100 charging stations, which provide electricity for free of cost. As said by the head of energy financing at Lebanon’s Bank Audi,

“An electric car is only as green as the electricity that powers it.”

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