Back to the complete issue
Thursday, 11 February 2021

Score one for EVs in Egypt

EV assembly in Egypt could begin as early as July: State-owned El Nasr Automotive plans to begin assembling electric vehicles in Egypt some time in July, which is when it plans to complete setting up its assembly lines, El Nasr managing director Hany El Kholy tells the local press. The company is going to begin importing equipment for four assembly lines from China soon, which will come at a cost of EGP 1bn, El Kholy added. El Nasr had signed two contracts last month with China’s Dongfeng to locally assemble EVs as well as to rehabilitate a mothballed El Nasr plant.

At full capacity, the plant is expected to assemble 53k EVs per annum, he said. First phase production will see 25k EVs sold in Egypt, with 55% of the components being sourced domestically, with the rest coming from China. The company plans to fund 70% of the development of the production line (estimated to cost EGP 2 bn) with backing from CIB, the National Bank of Egypt, Banque Misr, and QNB Al Ahli, he notes.

El Nasr is planning to release its E70 passenger car model EVs some time in 1Q2022. The company is planning to develop a consumer line of E70 cars, which will cost around EGP 390k, and a line for taxis and commercial use, which will cost up to EGP 350k, El Kholy said.

Will we be ready to drive EVs by then? Development of infrastructure and charging stations is already under way. Infinity Solar subsidiary Infinity-E is planning to install EGP 300 mn worth of electric car charging docks over the next three years. Infinity Egypt now has a total of 130 charging points in operation at 40 charging locations on major roads in or near Cairo, Hurghada, Alexandria and Ain Sokhna. The company plans to add Sharm El Sheikh this year and already has points of presence in the capital city at Wataneya’s ChillOut filling stations, in compounds by Sodic and New Giza, as well as major shopping centers including Almaza City Centre and New Cairo’s Downtown Mall.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.