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.