France's Stellantis plans to build electric car factory in Egypt

CAIRO – 18 May 2022: In light of its desire to build an electric car factory in Egypt, Prime Minister Mostafa Madbouli received Tuesday the representatives of Stellantis, the French company that owns the brands of Peugeot, Citroen and Chrysler among others, as well as those of its agent in Egypt.

The representative of Stellantis Samir Shefran said that the company wants to benefit from the incentives offered by Egypt in the automotive sector. That is by building a factory for electric cars production, and whose products would be both supplied locally and exported.

Shefran also delivered a presentation of the company’s activities worldwide, including in some regional countries such as Morocco, Algeria, and South Africa.

On his side, the prime minister expressed the government's readiness to offer all possible incentives for the company to enter the electric car market in Egypt, asking for a detailed proposal on for the establishment of the factory, and others in the sector of electric automotive feeding industries.

The prime minister checked in December the model of an electric car produced by General Motors, and is expected to be offered in the Egyptian market in 2022.

The prime minister told the representatives of General Motors, and its agent in Egypt, Mansour Group, that the government can promote the sales of the car through various programs and initiatives, and through a number of incentives and exemptions granted to consumers.

Madbouli urged the two companies to prepare a detailed plan on the manufacturing of the car in Egypt so that the government takes the necessary support steps.

The prime minister had held a meeting with them earlier with the attendance of Minister of Finance Mohamed Mait, and Minister of Industry and Trade Nevine Gamea.

During the meeting, CEO of Al Mansour Group Ankush Arora presented a proposal to launch the manufacturing of electric cars in Egypt, which is a goal the government has been working on along with the localization of electric automotive feeding industries.

The CEO of Al Mansour Group also displayed the company's vision on the factors it perceives as essential for the success of the electrical cars market in Egypt, as those are similar to the incentives adopted in many other countries.

Arora noted that the number of electric vehicles offered in 2021 has recorded 2.65 million, with a rise of 168 percent compared to 2020. Further, the share of electric vehicles doubled to 14 percent globally up from seven percent in 2020. He added that the electric cars market is estimated to grow 27 percent per annum globally until 2030.

In November, the prime minister met with the CEOs of General Motors and Mansour Group, who said they would begin selecting the features of the electric car to be offered in the Egyptian market.

They also noted that the company is willing to invest around $35 million in Egypt by 2025.