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Tuesday, 16 June 2020

Egypt’s MIH signs MoU to produce 30k cars for 3 years at El Nasr Automotive

MIH signs agreement with int’l automaker to assemble 30k cars per annum at El Nasr Automotive: The state-owned Metallurgical Industries Holding Company (MIH) has signed a preliminary agreement with an undisclosed international company to locally assemble 30k cars annually at El Nasr Automotive, with manufacturing set to begin within three years, MIH board chairman Medhat Nafeh told Youm7.

Agreement on EV manufacturing coming: Nadeh said that there are plans to sign another agreement with an unnamed Chinese company to locally assemble electric vehicles. Our money is on this being Dongfeng, which has been in negotiations with El Nasr to produce EVs since last year. El Nasr began preparing a feasibility study to manufacture 25k electric cars in partnership with the Wuhan-based company ahead of an agreement that was expected to be signed in 2Q2020. The covid-19 pandemic delayed talks, which restarted in March.

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