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Monday, 10 June 2019

Raya’s manufacturing arm seeking licence to assemble electric cars

INVESTMENT WATCH- Raya’s manufacturing arm seeking licence to assemble electric cars: Raya Auto, a subsidiary of Medhat Khalil’s Raya Holding, has begun talks with the Trade and Industry Ministry to obtain a licence to assemble electric cars, sources close to the matter told Al Mal. Raya is moving forward with plans to assemble light electric vehicles with initial investments of EGP 110 mn, Chairman Medhat Khalil said. The company has already introduced an electric motorcycle that retails for EGP 23,000 and in talks with Chinese and Indian companies to assemble vans in Egypt. The move comes as Khalil is embroiled in a dispute with the Financial Regulatory Authority over an EGP 11 mn fine.

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