Egypt Plans to Invest $127 million to Produce EVs

SHANGHAI, Dec 20 (SMM) – Egypt has joined the ranks of popularising EVs in the Middle East, requiring a state-owned company to cooperate with a Chinese company to produce affordable EVs, while using Egypt’s booming renewable energy to power these automobiles.

Hisham Tawfik, Minister of State-owned Enterprises in Egypt, said that the authorities are looking for partners for El Nasr Automobile Manufacturing Company and are in contact with three potential companies. They are expected to invest 2 billion Egyptian pounds (US$127 million) in this project. El Nasr will start production of EVs in 2023, and hopes to reach an annual output of 20,000 units within three years.