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Egypt Seeks to Build $20,000 Electric Vehicles in Green Push

  • State company, Chinese firm to join forces on manufacturing
  • North African nation due to host COP27 climate summit in 2022

Egypt is joining the Middle East’s push to adopt electric cars, tasking a state-owned company to build affordable vehicles with a Chinese firm while taking advantage of its renewable energy boom to power them.

Authorities are in contact with three potential companies as they seek a partner for El Nasr Automotive Manufacturing Co. on the project that’ll see 2 billion pounds ($127 million) invested, Public Enterprise Minister Hisham Tawfik said in an interview, without giving names. Production is set to begin in 2023, with output increasing to an annual 20,000 units over three years.