Hyperdrive
China’s Second-Biggest Automaker Is Part of New Egyptian EV Push
- Ride-hailing services likely to be target market for the cars
- Manufacturing to scale up over the next three to five years
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An Egyptian company is partnering with China’s second-largest state-owned automaker in the latest effort to build affordable electric cars in the Middle East’s most populous nation.
Under the deal, a subsidiary of Egypt’s GV Investments will begin local production of China FAW Group’s cheapest model in the first quarter of 2025, according to Sherif Hamouda, chairman of the Cairo-based firm. Ride-hailing services will be a key target market for the vehicles, he said, declining to give a total dollar figure for this month’s pact.