The Asian Transport Outlook (ATO) project – supported by the Asian Development Bank and the Asian Infrastructure Investment Bank - together with the Urban Electric Mobility Initiative (UEMI) and the EU-supported SOLUTIONSplus project, are producing e-mobility profiles that focus on taking stock of the main developments relating to e-mobility transition in Asian economies. This edition of the newsletter presents the profile for Armenia. 

Armenia, a small, landlocked South Caucasus nation with 3 million people, has seen strong economic growth, driven by services and IT sectors. Rapid urbanization and economic expansion are expected to drive growth in transportation, which is a significant source of Armenia’s carbon emissions.  

Armenia is witnessing a notable increase in electric vehicle (EV) adoption. From just 12 electric cars imported in 2018, the number surged to 7,181 in 2022, as reported by the Ministry of Environment. This momentum continues with Yerevan receiving its first electric bus in October 2023, paving the way for 250 more buses, with potential support from the European Bank for Reconstruction and Development. 

Despite this growth, Armenia faces challenges, including a lack of official statistics on charging stations and no set regulations for their development. Currently, the country’s EV network comprises fewer than 30 medium-speed charging stations, and around 90% of EVs are charged at home. 

Armenia’s electricity grid is among the cleanest in the region, with 60% of its electricity coming from zero-carbon sources like hydro and nuclear power. The average electricity price is relatively low at $0.07/kWh, and the country aims to further diversify its power generation with up to 1,000 MW of solar capacity by 2040. However, the transition to EVs will require overcoming obstacles such as high costs, inadequate infrastructure, and regulatory gaps. 

Further details of the report can be found here.