Back to the complete issue
Monday, 5 September 2022

El Nasr could sign final contracts to produce EVs next month

It only took 3+ years, but El Nasr Auto might finally be ready to finalize contracts for EV assembly: El Nasr Automotive expects to sign final contracts to produce electric vehicles with an unnamed Chinese company in mid-October, Al Borsa reported yesterday, citing an anonymous source at the company. The report came hours after Public Enterprise Minister Mahmoud Esmat held a meeting to review the status of the negotiations between El Nasr and a Chinese auto firm. The ministry was tight-lipped on the identity of the Chinese firm and when the contracts would be signed in its statement (pdf).

So who’s the Chinese company? It’s likely BAIC Group, which we were told in June had signed an MoU with El Nasr for the production of EVs. At the time production was expected to begin in the middle of 2023 with the aim of putting out the first EVs on the market by 4Q 2023.

FEV is reportedly bringing the blueprints: State-owned El Nasr is reviewing designs for electric sedans from German vehicle designer FEV ahead of signing the contracts, Al Borsa’s source said.

Finally, the endgame? El Nasr has been in talks with foreign companies to partner on an EV project for years. The company had entered negotiations with Chinese auto giant Dongfeng back in 2019 only to pull out more than two years later apparently because the two sides were unable to agree on prices for imported components. We had more in our weekly Going Green vertical on the renewables industry.

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; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.