Dubai, UAE, 31 October 2023: PETRONAS Lubricants International (PLI) announces the launch of its new NEV Fluids Business Unit to support the research, development, and marketing of lubricant solutions specifically designed for the electric vehicle (EV) market.
Creating an innovative division is responding to the growing demand across EMEA for EVs. It will be led by James Mark, former EMEA Marketing Director, in the newly created role of Head of NEV Fluids. In 2022, one in seven passenger cars bought globally was an EV – a sales increase of 60% versus 2021. This figure will only increase as European legislations and incentives to reduce emissions are implemented, as well as a desire by consumers to drive more sustainably.
Considering the fact that the Middle East has awareness on electric vehicles, especially the UAE, where 95% of the population is familiar with the concept of owning an electric car, and 7 out of 10 consumers are interested in learning about the cost-effective aspects of electric vehicles (EVs); as per a study by General Motors. It is important to note that the obstacles to owning hybrid and electric vehicles differ regionally due to varying costs and infrastructure. Additionally, according to the global electric mobility readiness index published in 2022, the demand for EVs in the UAE market has continued to rise and is projected to grow at a compound annual growth rate (CAGR) of 30% between 2022 and 2028.
Further, the UAE government launched a National Electric Vehicles Policy that aims to promote the adoption of electric vehicles and outlines a series of measures and targets for the electric vehicle sector. One of the key targets is to have 50% of cars on UAE roads be electric by 2050. The Ministry of Energy & Infrastructure’s (MOEI) UAE Electric Vehicle Policy includes having 914 AC and DC charging stations for electric vehicles by the end of 2023.
Other plans, apart from making the UAE’s car fleet 50% electric vehicles by 2050, it further includes that 25% plug in hybrids (PHEV), with the remainder to be internal combustion engines (ICE), compressed natural gas (CNG) and hydrogen (H2) vehicles. Meanwhile, buses are to be 70% electric, 15% plug in hybrid and the remainder to ICE, CNG and H2. The target for trucks in the UAE is 10% PHEV and 40% hybrid, with the remainder to be ICE, CNG, H2 or other vehicles.
The ministry is also working to create an EV GCC Corridor, to establish fast charging stations on the border between Saudi Arabia and Oman, facilitating the movement of EVs between countries. And, according to the Dubai Media Office, the electric vehicles' green charging stations in the emirate will increase from 370 to more than 1,000 stations in less than three years.
In addition, the Middle East and Africa Automotive Electric Vehicle Market is expected to reach USD 2.70 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 23.20% to reach USD 7.65 billion, as per a study by MarkNtel Advisors Research.
Without a doubt, the rise in EVs creates new challenges for the automotive and lubricant industry. Still, PLI is committed to investing resources to be the key global player in this segment and deliver high-performing solutions that meet customer needs.
As well as building solid technical capabilities in the segment, the launch of this Business Unit solidifies the next phase of engineering that builds upon the momentum generated through PLI's market-leading PETRONAS Iona EV fluid product range. Now more than ever, PLI is committed to leveraging its extensive lubricants expertise to help customers adopt EVs and prepare for the energy transition from combustion engines (ICE) to EVs.
James Mark, Head of NEV Fluids Business Unit, PLI, says: “We're in an exciting era of the automotive industry as we see more types of cars on the road than before, all with different needs and performance requirements. I'm excited to lead our research and development teams to engineer the EV fluid solutions for tomorrow, today. I look forward to growing PLI's NEV Business to become a key global player in this segment.”
Alessandro Orsini, Head of Group Marketing and Group Customer Excellence at PLI, comments, “ PETRONAS Lubricants International’s target is to be a top player in the EV Fluids Solutions Industry, and this team will be the catalyst to accelerate us towards this ambition. James' experience will be crucial to effectively accelerate the company's offering for a sustainable mobility future and be a relevant NEV Fluid player globally.”
About PETRONAS Lubricants International
PETRONAS Lubricants International (PLI) is the global lubricants manufacturing and marketing arm of PETRONAS, Malaysia’s dynamic global energy group. Established in 2008, PLI manufactures and markets a full range of high-quality automotive and industrial lubricant products in over 100 markets internationally. Headquartered in Kuala Lumpur, PLI also has offices around the world including Turin, Belo Horizonte, Beijing and Chicago. PLI is the technical resource behind PETRONAS’ partnership with the Mercedes-AMG PETRONAS Formula One Team, responsible for the design, development and delivery of the Fluid Technology Solutions™, which includes customised lubricants, fuels and transmission fluids to power the Silver Arrows.
We are a progressive energy and solutions partner, enriching lives for a sustainable future. Our commitment remains to conduct and grow our business in ways that contribute positively to society and the environment.
PLI is driving an aggressive business growth agenda as one of the leading global lubricants companies at the forefront of the industry, providing custom-made solutions for every need. For more information, please visit www.pli-petronas.com.
Umme Qizra Aleem