Egypt signs agreement to establish 1st company to sell, distribute electric cars

CAIRO - 16 March 2022: Al Nasr Automotive Company and the National Automotive Company (NATCO), signed Wednesday a shareholders' agreement to establish the first company specialized in the distribution and sale of electric cars in Egypt.

 

Minister of Public Business Sector, Hesham Tawfik who witnessed the signing of the agreement between at the Ministry of Public Business Sector headquarters, indicated that the new company will be the first and largest company in the field of selling, distributing and providing after-sales services, maintenance and warranty for electric cars, as well as providing financing and insurance solutions for electric cars that it will distribute.

 

The new company will also be the sole distributor of the homemade car that El Nasr Company will produce in Egypt during 2023, in addition to a number of different types and models of electric cars that the new company will import or distribute from other international brands to provide an integrated package of types of electric cars of all categories and models to meet all the needs of the Egyptian consumer in all its categories.

 

The National Automotive Company (NATCO) is the owner of the largest distribution network for Mercedes-Benz cars in Egypt, and it owns seven showrooms and service centers spread in Cairo, Giza, Alexandria, the North Coast and Hurghada.

 

The Nasr Automotive Company, affiliated to the Holding Company for Metallurgical Industries, one of the companies of the Ministry of Business Sector, is currently agreeing on the final details of the contract to license the production of its new electric car with the foreign partner under its "Nasr" brand.

 

The agreement to establish the company was signed by Eng. Hani El-Khouly, Executive Managing Director, and on behalf of the National Automobile Company (NATCO), and Eng. Karim Sami Saad, Chairman of the Board of Directors.

 

The shareholder agreement stipulates that the issued capital of the new company will be LE 500 million, with a participation rate of 76 percent for the National Automobile Company (NATCO), and 24 percent for the Nasr Automotive Company, provided that the management rights are for the National Automobile Company (NATCO).