Back to the complete issue
Thursday, 17 March 2022

El Nasr, NATCO to set up Egypt’s first EV dealership

Egypt is getting its first electric car dealer: State-owned firms El Nasr Automotive and the National Automotive Company (NATCO) will jointly set up Egypt’s first electric car distributor, the Public Enterprises Ministry said in a statement (pdf) yesterday. NATCO will hold the controlling 76% stake in the yet-to-be named firm, while El Nasr will hold the remaining 24% stake, according to the statement.

Exclusive rights to El Nasr EVs: The company will be the sole distributor of Egypt’s first locally-assembled EVs. The cars are set to start rolling off production lines in 2023, once El Nasr finalizes a contract with a foreign partner to locally assemble the cars. Talks collapsed with Chinese auto firm Dongfeng in November and the company is currently in talks with several firms interested in partnering in the venture.

The company will also import + distribute EVs from other manufacturers: The new company will import and distribute various models of electric cars from international manufacturers, the release added, without disclosing names. The company will also offer after-sales services, maintenance and warranties, and financing and ins. on vehicles.

How much would they cost? Two categories of EVs will be produced, the price of the first category will likely be within the range of EGP 300k, and the other category will have a relatively higher price range, Public Enterprises Minister Hisham Tawfik told Yahduth fi Masr last night (watch, runtime 8:50).

EGP 50k off your first Egyptian EV: The government recently announced that buyers of local EVs will receive cash incentives of up to EGP 50k.

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.