Lebanon Businessnews News

First Lebanon-made car
launched by EV Electra
Company to sell shares in IPO
Share     Share on Facebook     Share on LinkedIn    
An electric-powered automobile manufactured in Lebanon made its debut last week. It is the first time a car has been produced in the country.

The sports car, with butterfly doors, has taken ‘Quds Rise’ as its brand name. It is made by Lebanon-based firm EV Electra, founded by Jihad Mohammad, a Palestinian entrepreneur born in Lebanon. The model was designed by the company’s team that includes 15 engineers.

“It was built in Lebanon from start to finish,” said Mohammad, of the prototype. The body and the chassis will be manufactured locally, he said. The engine and the batteries will be imported while the battery system will be assembled in Lebanon.

The price of the car was set at $30,000. The company requires a down payment of $15,000 on delivery. The remainder could be paid either through a banker’ check in dollars, or through monthly installments in lira of LL975,000 over five years. This amount is based on the exchange rate of the Central Bank’s platform (LL3,900) at zero percent interest.

Up to 10,000 vehicles are expected to be manufactured and reach the market in a year’s time, according to the company. Mohammad said they plan to produce 100,000 cars in 2023. EV Electra will start producing the ‘Quds Rise’ model before the end of 2021. It also plans to launch two other models ‘Quds Capital E.S.’ (an executive sedan) and ‘Quds Nostrum E.E.’ (with futuristic looks) at the end of this year. They will be manufactured starting mid-2022.

‘Quds Rise’ is a coupe model with a battery capacity of 45 kWh. It has a maximum speed of 180 kilometers per hour, a maximum horse power of 180 HP and a maximum motor power of 120 kWh. The car has a fiber glass body panels bolted on light alloy chassis. It is equipped with a built-in charger and a universal plug compatible with all charging stations.

To power its electric cars, the firm plans to set up around 100 recharging stations across the country connected to generators fueled by solar and wind power generation.

The company will sell its cars abroad and on the local market. Its long-term goal is to compete on the international market for hybrid and electric automobiles. Its cars will be showcased in its own showroom in Beirut and through a car dealer in the South. Mohammad said they are in talks with two other distributors, one in the Bekaa and another in the North.

EV Electra is in the process of launching a Blockchain Initial Public Offering (IPO) in Switzerland for ten percent of its capital, Mohammad said. It is now in the private sale stage. The remaining 90 percent will be held by Mohammad. He said that the capital of EV Electra came from his own company Jihad Mohammad Investment.

The Lebanese authorities are expected to give their approval next week to allow the car to be used in the country. “This requires a government decree because this is the first time that an approval is given to a locally manufactured car instead of an imported one,” Mohammad said.

It will be a simulated crash testing because the annual output does not exceed 10,000 cars, he said.

The 50 year-old founder established EV Electra four years ago. The company has a workforce of 300 people.
Date Posted: Apr 28, 2021
Share     Share on Facebook     Share on LinkedIn