Egypt is currently striving to promote the development of the electric vehicle industry and enhance the country’s potential as a manufacturing and export center for electric vehicles. The Egyptian government has already begun implementing plans for the mass production of electric vehicles, striving to achieve nearly 100% local procurement of components in the future. The Egyptian government has also introduced measures to invest approximately 1.5 billion US dollars in the expansion of the country’s electric vehicle manufacturing plants and charging stations.
According to Egyptian media reports, GV Investment Company of Egypt and China FAW Group recently reached a cooperation agreement to produce affordable electric vehicles in the Middle East. GV Investment Company Chairman Sharif Hamouda said that under the agreement, its subsidiary will start producing China FAW’s affordable electric vehicles in Egypt in the first quarter of 2025. These vehicles are expected to be used mainly for online car-hailing services. GV Investment Company aims to localize 65% of the vehicle’s components within the next three to five years and export its products to the Middle East, Africa, Europe and Latin America.
Egypt’s newspaper Al Ahram reported that Chinese electric vehicle technology is mature and reliable. Egypt can benefit from cooperating with China, which will not only help the development of the country’s automobile manufacturing industry and industrialization process, but also have a positive and significant impact on green development, reducing carbon emissions, reducing pollution, and combating climate change.
The Egyptian government strongly advocates the development of the electric vehicle industry as an important step in energy transformation, energy conservation and emission reduction. Pyramid Online reported that Egyptian President al-Sisi said in a statement that Egypt will step up efforts to promote the localized production of electric vehicles and improve related infrastructure construction. As early as 2021, Egypt launched its first locally produced electric vehicle, the “E70 Nasser,” which was manufactured by a partnership between China’s Dongfeng Motor Corporation and Egypt’s Nasser Company, with a localization ratio of 58%.
Egypt has a population of about 105 million, making it the most populous country in North Africa. According to Egyptian media reports, in the first three months of 2024, sales of electric vehicles in the Egyptian car market surged, with a total of 1,419 vehicles sold, including 544 in January, 469 in February, and 406 in March, which is almost one-third of the number of electric vehicles sold in the past three years.
Egyptian automotive experts and industry insiders are optimistic about the new energy automotive market in Egypt and are looking forward to Sino-Egyptian cooperation. Egyptian automotive expert Radif said that China is a world leader in the manufacturing of batteries and electric vehicles. He hopes that China and Egypt can cooperate more in the manufacturing of electric vehicles to produce electric vehicles that meet the needs of Egyptian citizens. Radif also refuted the accusations by Western countries that “China is exporting excess production capacity overseas,” calling it “nonsense” and slander with ulterior motives.
Abu Magid, Chairman of the Egyptian Automobile Dealers Association, said that Chinese electric vehicles have had a significant impact on the development of the world’s electric vehicle industry and have taken it to a new level. Egypt looks forward to cooperating with China in this field. This is the best choice for the development of Egypt’s electric vehicle industry.
