Nissan, El Nasr Automotive to manufacture 100k cars a year
Nissan, El Nasr Automotive to manufacture 100k cars a year: Nissan and state-owned El Nasr Automotive have signed a memorandum of understanding (MoU) to produce 100k cars a year in Egypt, according to a Public Enterprises Ministry statement (pdf). The government has been in on-again-off-again talks with various foreign companies in the last few years in hopes of resurrecting the defunct Nasser-era car manufacturer. This comes as Nissan’s chairman in Africa, the Middle East, and India Peyman Kargar told Bloomberg that the company is looking to increase its output from its factory in Egypt to 28,000 vehicles, from 22,000 units, in the coming fiscal year. The Japanese carmaker is the third best-selling brand in Egypt, behind Chevrolet and Hyundai, with a market share of 11%. Reuters also has the story.