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Sunday, 26 June 2022

German-Egyptian EV + Aldi setting up shop?

German-Egyptian EV cooperation in the works: An as of yet unnamed German car manufacturer will soon sign an agreement with an Egyptian company to cooperate on the local production of electric vehicles, Trade Minister Nevine Gamea said following a visit to Berlin, according to a ministry statement on Thursday. Gamea did not disclose the names of the companies.

The government is looking to attract more German automakers to Egypt to produce both conventional and electric cars for the Egyptian market and for export across the region, as part of government efforts to localize the automobile industry, Gamea said. The minister discussed potential cooperation with German companies through the localization of German auto industry tech. She also spoke with an unnamed German firm that manufactures steel for the automobile industry about partnering with an Egyptian firm to set up a factory here.

We already have a German partner in EV batteries: Enterprise recently learned that El Nasr Automotive is partnering with Germany’s FEV Group to consult on how to build the EV battery sector from scratch while also looking for a Chinese partner to help with the manufacturing.

Separately, Mercedes-Benz recently received a plot of land in the Suez Canal Economic Zone (SCZone) for a logistics base that will distribute cars locally and for re-export, raising hopes that the company could restart local assembly in Egypt after it shut it down in 2015.

IN OTHER INVESTMENT NEWS-

Is Aldi coming to Egypt? Supermarket chain Aldi is also looking at potentially expanding to Egypt, according to the Trade Ministry statement, which said Gamea held “extensive meetings” with the chain’s officials to discuss the plans. Aldi officials are expected to visit Cairo in September to look into opening up branches here. Aldi operates over 10k stores in 20 countries.

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