Estonian ride-hailing company Bolt Technology has teamed up with Chinese automaker Dongfeng Motor to introduce an electric vehicle (EV) fleet in South Africa, reported Bloomberg.
The fleet will be managed by Indian electric mobility company Yugo Rides and will initially begin operations in Cape Town.
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Customers will be able to access two Dongfeng models, including the Box hatchback and the higher-end 007.
According to the report, Bolt currently holds more than half of South Africa’s ride-hailing market after investing about $180m to expand its operations in the country.
South Africa is among Bolt’s ten largest markets globally and remains a key focus area for the company, the report added.
Simo Kalajdzic, Bolt’s local operations manager, said the company was adopting a gradual rollout strategy because of charging infrastructure constraints.
“We are taking a phased approach to launching this fleet as we consider the current infrastructure limitations, including the need for enough charging stations”, he told the publication.
Kalajdzic also said higher fuel costs linked to the Iran war were increasing the appeal of EVs, as lower charging expenses could improve driver earnings.
Founded in Tallinn and backed by Sequoia Capital, Bolt was valued at €7.4bn ($8.61bn) after raising €628m in a 2022 funding round that included investments from Sequoia Capital and Fidelity Management & Research.
The company operates in more than 50 countries and across 850 cities worldwide.
The South African EV rollout forms part of Bolt’s wider international expansion efforts, which include a recent move into Taiwan, a Canadian launch under the Hopp brand earlier this year, and the introduction of scooters in Washington.
Kalajdzic said the company could still consider an initial public offering (IPO) in future, noting Bolt “will consider options, when market conditions are right”.
