Egypt seeks to be regional hub for manufacture of electric cars

CAIRO – 16 February 2022: Egypt is currently working to be a regional hub for the manufacture of electric cars in accordance with the directives of President Abdel Fatah al-Sisi.

The country is also seeking to localize the components of the electric car, which will contribute to reducing their prices and commensurate with the financial capabilities of the citizens.

The Egyptian government is close to conclude an agreement with a Chinese manufacturer of electric cars in Egypt with a local component of no less than 45 percent and increases to nearly 80 percent within 3 years from the launch of the project in cooperation with the Nasr Automotive Company.

This coincides with the world's accelerating trend to expand the new electric car industry, which has resulted in the companies producing these types of cars doubling dozens of times within 3 years, especially in China, which owns 5 companies that fall within the first global classification alongside American and European companies that invest at least about $100 billion in that kind of industry.

The ministry also agreed with a Korean company to manufacture electric vehicles, such as minibuses and vans, in cooperation with the Engineering Automotive Company.

President Abdel-Fattah El-Sisi was briefed on the government’s plan regarding the auto industry, directed to continue working on deepening the national industrialization of electric cars, in order to keep pace with the global trend in this framework.

President Abdel Fattah El-Sisi had previously said that the year 2023 will witness the manufacture of the first Egyptian electric car, adding: "The cost of this type of car is expensive, and it requires a huge infrastructure."

The Ministry of Public Business Sector revealed that electric buses and minibuses with a capacity of 11 to 15 passengers will be manufactured, as its components will be imported, and agreements will be signed this year, in cooperation with two Chinese and Korean companies, and through the Engineering Automotive Company.