According to Egyptian media reports, Egypt's GV Investment company recently reached a cooperation agreement with China's FAW Group to produce affordable electric vehicles in the Middle East. Sherif Hamouda, chairman of GV Investment, said that under the agreement between the two parties, its subsidiary will start producing China FAW's affordable electric vehicles in Egypt in the first quarter of 2025. The vehicles are expected to be mainly used for ride-hailing services. GV Investments' goal is to localize 65% of vehicle components in the next three to five years and export products to the Middle East, Africa, Europe and Latin America.
The Egyptian government strongly advocates the development of the electric vehicle industry as an important step in energy transformation, energy conservation and emission reduction. "Pyramid Online" has reported that Egyptian President Sisi said in a statement that it will increase efforts to promote the localized production of electric vehicles and improve related infrastructure construction. As early as 2021, Egypt launched its first local electric vehicle "E70 Nasser", which was jointly manufactured by China's Dongfeng Company and Egypt's Nasser Company, with a localization ratio of 58%.
ABU Majid, president of the Egyptian Automobile Manufacturers Association, said that Chinese electric vehicles have had a significant impact on the development of the world's electric vehicle industry, taking it to a new height. Egypt looks forward to cooperating with China in this field. This is the best choice for the development of the electric vehicle industry in Egypt.