Egyptian investment company GV Investments signed a partnership agreement with China’s car manufacturing giant FAW Group to produce affordable electric vehicles (EVs) for Egypt, GV Investments CEO Sherif Hamouda told Asharq Business on 27 May. Under the deal, a subsidiary of Egypt’s GV Investments will begin local production of FAW’s cheapest model during the first quarter of 2025 – requiring an investment of USD 20 million (EGP 951 million) for the necessary industrial facilities. The car, known in China as Bestune E05, is one of the world’s most affordable electric cars – costing around USD 17,500 (EGP 832,000) in China. Hamouda explained that the manufacturing scope would be expanded over the next three to five years, aiming to produce cars with 65 percent locally sourced components for export to the Middle East, Africa, Europe, and Latin America. He added that the ride-hailing service sector will be a key target market for the vehicles. Other domestic car manufacturing companies like state-owned El Nasr Automotive Manufacturing Company and Al-Mansour Automotive have also recently pursued opportunities to produce electric vehicles. The company’s ambitions in the electric vehicle sector are the latest for the…
Egypt-Based GV Investments Partners with Chinese Company to Manufacture EVs
May 28, 2024
