Gashi Automobile News According to Bloomberg News, China FAW will cooperate with an Egyptian company to produce affordable electric vehicles in the most populous country in the Middle East.
Sherif Hamouda, chairman of Cairo-based Egyptian company GV Investments, claimed that under the agreement between the two parties, its subsidiary GV Auto will start locally producing affordable electric vehicles from China FAW in the first quarter of 2025.
He said that these vehicles will be mainly used for online ride-hailing services in the future, but he declined to disclose the total amount of the agreement.
Pentium E05.
Photo source: FAW Public Account,Hamouda said that it will expand production scale in the next three to five years.
The ultimate goal is to make 65% of the parts in the vehicle come from China.
The whole vehicle will eventually be exported to the Middle East, Africa, Europe and Latin America.
He added that the industrial facilities needed to produce vehicles would cost as much as $20 million.
, The Egyptian company’s electric-vehicle ambitions are just the latest move by the North African country.
Currently, Egypt has a population of approximately 105 million, but only a few thousand electric cars drive on its busy streets.
After two years of economic crisis and foreign exchange tightening, Egypt is actively encouraging local industrial development and further developing the country’s potential as a manufacturing and export center.
In recent years, Egypt’s state-owned automobile company El Nasr Automotive Manufacturing Co.
has been seeking partners for its electric vehicle program.
At the same time, Al-Mansour Automotive, which has a long-term cooperative relationship with General Motors, has also set its sights on producing electric vehicles in Egypt and importing and selling Cadillac models.
GV Auto plans to first launch Egypt the Pentium E05, one of the world’s lowest-priced electric vehicles and is often used to provide taxi services.
Hamouda declined to disclose its selling price in Egypt.
In China, it starts at approximately US$17,500.
, However, given that there are currently not many electric vehicle charging stations in Egypt, Hamouda said frankly: “It will not be easy to change the culture of cars powered by fossil fuels.
” “Without government promotion, electric vehicles will be difficult to popularize,” Hamouda called for more national incentives for the electric vehicle industry to encourage potential buyers.
, Return to the first electric network home page>,.
