Introduction
Amidst the vibrant atmosphere of the Web Summit Qatar, Abdul Qavi led an engaging conversation with Haider Adnan Al Zaabi, Co-Founder of Mays EV. Haider shared valuable insights into the journey of building Mays, an electric car company with the aim of revolutionising the automotive industry in the MENA region and beyond.
Reflecting on the challenges and triumphs of navigating the startup landscape, Haider likened the experience to “jumping from an aeroplane and then trying to figure out how to build the parachute on the way down.” Despite the inherent hurdles of operating a startup, he emphasised the beauty of innovation and the necessity of quick, efficient problem-solving.
The conversation also explored the unique challenges and opportunities within the MENA region’s EV market, including consumer adoption, infrastructure development, and governmental support. Haider expressed optimism about the region’s potential for electric vehicle adoption, driven by ambitious targets and favourable demographics.
Furthermore, Haider discussed the evolving competitive landscape and emphasised the importance of product quality and innovation in standing out amidst global players like Tesla. Offering advice to aspiring entrepreneurs, he encouraged daring to dream, innovate, and push boundaries, underscoring the significance of resilience and determination in overcoming obstacles and realising ambitious goals.
Questions
1. What is the vision behind your project, Mays, and how does it aim to foster the future of electric vehicles (EVs), particularly within this region and on a larger scale?
Starting a startup is akin to leaping from an aeroplane and endeavouring to construct the parachute on the way down. By nature, startups face substantial struggles and challenges, often with limited funding and resources. Founders consistently confront myriad obstacles, requiring innovative and efficient solutions daily.
The allure of startups lies in their small, fast-paced, and inherently innovative nature, facilitating swift results and the emergence of numerous global startups. However, embarking on the journey of building an electric vehicle (EV) alongside a startup presents distinct challenges.
Our company, Mays, based in Oman, initiated this journey three years ago with the vision of creating electric cars that empower individuals. Unlike conventional vehicles, our vision encompasses vehicles as tools of empowerment, with our initial prototype resembling a Batmobile and priced at approximately $50,000.
Our approach integrates design and technology to empower users, requiring extensive research, partnerships, and relentless effort. We are excited to announce the production of our first two electric SUVs, boasting a range of 510 kilometers on a single charge and supporting fast charging with a 20-minute charge time. Priced at $39,000, these SUVs feature cutting-edge technology and futuristic design elements, instilling pride and empowerment in the driver.
2. How did you manage to overcome the challenges of starting an EV company in this region, including arranging resources, talent, and infrastructure?
Our journey began with the recognition of untapped potential within the market. Despite electric vehicles (EVs) currently holding a market share of less than 10% globally, this signifies a newfound opportunity within the automotive industry. Unlike the tightly controlled market dominated by established players in traditional gasoline-powered cars, the emergence of EVs, led by pioneers like Tesla, has disrupted the status quo, creating a level playing field for all participants.
While Tesla enjoys the advantage of early entry, the EV market remains relatively small, allowing room for newcomers like Vivian, Lucid, and NIO to swiftly gain prominence, reshaping market dynamics and illustrating potential for rapid growth.
Capitalising on this opportunity, our focus is on leveraging our understanding of the MENA region, granting us a unique edge over competitors. Initially, we plan to tailor our EV models specifically for this region before expanding globally. With MENA’s EV market share even lower than the global average, this presents a significant growth opportunity.
Our entry strategy involves offering competitive pricing and models designed to cater to the region’s specific needs. Moreover, the GCC countries have set ambitious targets for electrification, aiming for a majority of cars to be electric by 2030, aligning with global sustainability efforts.
3. How are the consumers in an oil and gas rich region reacting to the shift towards electric vehicles, considering their familiarity with legacy vehicles? How do you envision the adoption of electric vehicles by users in these regions, and what is your vision for this transition?
Even in situations where oil or petrol is subsidised, such as in the case of fueling cars, it remains ten times cheaper to charge an electric vehicle. Consequently, consumers are increasingly opting for electric vehicles.
Rather than relying solely on oil and gas, countries can explore alternative avenues, thereby increasing their potential for sales and exploitation. Embracing electric vehicles also promises greater efficiency in power utilisation for governments and nations.
4. What are the primary challenges faced by the EV landscape, particularly within the EV industry, and how can these challenges be addressed?
Today, the foremost challenges in the electric vehicle (EV) industry revolve around product availability. As it stands, there is a limited selection of EVs on the market, leaving consumers with few options.
Additionally, the available EVs tend to be relatively expensive compared to conventional vehicles, particularly those targeting the mainstream or mass market. Therefore, we are entering the market with a solution aimed at addressing these issues.
5. How do you intend to address the challenge of dealership collaboration and distribution of cars to consumers, and what specific plans do you have in place for facilitating this collaboration effectively?
Currently, we are open to collaboration and exploring various options. The intriguing aspect of electric vehicles (EVs) lies in their divergence from the traditional petrol industry. Historically, original equipment manufacturers (OEMs) or manufacturers would collaborate with dealerships to sell cars, with their business model centred around car servicing.
This shift poses a challenge for dealerships accustomed to handling oil changes and extensive maintenance tasks. Consequently, new business models are emerging where direct manufacturer-to-customer relationships replace the traditional dealership setup. Tesla, for instance, operates without dealerships, a model we are considering due to its alignment with our objectives and the ability to ensure a superior customer experience across all touchpoints.
Nonetheless, we remain open to collaboration with EV dealerships, recognizing the advantages of accessing multiple cities simultaneously rather than building from the ground up. In the automotive industry, partnerships are essential. Manufacturers worldwide rely on strong partnerships with suppliers to acquire quality parts at competitive prices.
6. How do you intend to strategically align with various countries’ policies and regulations, as well as tap into different markets, to ensure future growth and success in the electric vehicle industry, considering factors such as market size and potential barriers to entry?
At present, our demand exceeds our supply, indicating an imbalance in the market. Initially, we are commencing operations with approximately 750 cars, while our capacity extends up to 2,500 units. However, this capacity is already being absorbed by the Omanii market, which represents nearly 1% of our target market share.
Furthermore, we have strategic plans in place to expand our presence into key markets such as Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and other regional countries. The abundance of opportunities is evident, with substantial demand awaiting us.
Our primary focus lies in ramping up production capabilities and accelerating market penetration. Achieving this objective hinges upon various factors, including investment readiness and the pace of expansion. While we are proceeding cautiously, our ultimate goal is to swiftly escalate production levels and secure a significant foothold in as many markets as possible.
7. As an entrepreneur, how do you gauge success and determine if you’re on the right track? What indicators do you rely on to assess your progress and ensure you’re moving in the right direction?
Yesterday, I stumbled upon a poignant quote comparing life to navigating a paddle boat. When moving in the right direction, it feels as if the stream effortlessly propels you forward. This resonated deeply with me, particularly as an entrepreneur prone to relentless pursuit of goals. Amidst the pressure to meet expectations, we often overlook celebrating our achievements. Yet, it’s vital to pause and appreciate these milestones.
Reflecting on our journey, I am certain we’re on the right path. Despite enduring challenges akin to a “death valley,” we’ve persevered. Each obstacle surmounted brings a sense of triumph, reminiscent of riding a roller coaster. While not always pleasant, there’s fulfilment in overcoming hurdles.
I’m immensely grateful for our progress, acknowledging the dedication of my co-founders and team. Their unwavering commitment has propelled us forward. As we continue forward, I am reminded to cherish every step, no matter how arduous, and find joy in the journey.
8. How do you approach and adapt to the challenges of being at a startup, especially considering the rapidly changing competitive landscape in the global EV industry?
It’s noteworthy that challenges aren’t exclusive to startups, even established companies like Tesla have encountered significant hurdles, nearly facing demise before finding solutions to save themselves. This perspective is crucial for startups, highlighting that they’re not alone in their journey. Initiatives for change or innovation often face steep obstacles, especially since pioneering new paths inherently involves greater difficulties. Competition, as you mentioned, is a key aspect for startups to consider from the outset.
From day one, we have understood that our customers have a plethora of options from top global brands like Tesla. Thus, there’s no room for excuses and our products must match or exceed the standards set by these competitors. This requires not only matching their quality but striving to surpass it, despite lacking the advantages of established brands. This underscores the importance of delivering exceptional products or services across all dimensions, including quality and pricing.
Undoubtedly, achieving this as a startup is no easy feat. However, we take pride in the milestones we’ve achieved, particularly in our ability to compete effectively. Unlike many startups that merely introduce products to compete with existing alternatives, we’ve managed to carve out our space in the market, and that’s something we’re truly proud of today.
9. What actionable advice would you offer to aspiring entrepreneurs who have ideas and want to start a business or get into startups?
The advice I want to share might seem cliché at first glance, but its significance runs deeper. “Nothing is impossible” resonates beyond mere words. When we embarked on our journey, sceptics abounded, insisting our goals were unattainable. Despite the daunting challenges we faced, we pressed on, defying the odds.
Our journey wasn’t always smooth sailing; in fact, it often felt far from it. Yet, the pivotal moments of overcoming obstacles reaffirmed the truth behind the adage. Such victories are not just personal triumphs but resonate with countless dreamers and startups alike.
We encourage others not to merely dream but to dare to dream boldly. Innovation thrives on pushing boundaries and venturing into uncharted territories. This philosophy is at the core of our endeavours at Mays. We strive to pioneer new paths, challenging the status quo and inspiring others to do the same.
Last Updated on March 26, 2024 by Safiya K
