November 8, 2020

Tire factory to spare Egypt $556M worth of imports: EAMA secretary


CAIRO – 7 November 2020: Secretary of the Egyptian Automobile Manufacturers Association (EAMA) Khaled Saad stated the tire factory that is still under progress will spare $556-million worth of imports.

The factory is a joint venture between the Holding Company for Petrochemicals and the Arab Organization for Industrialization (AOI).

The factory will produce tires for all types of vehicles and agricultural tractors in an annual value of $1 billion.

Egypt’s first locally assembled electric car will be launched by the end of 2021, in partnership with a Chinese partner, according to Minister of Public Business Sector, Hisham Tawfik.

Tawfik clarified in a TV interview that the price of the electric car will be about LE 350,000.

The minister explained that the car is the Chinese version of the Nissan LEAF electric car, indicating that the Egyptian component through feeding industries will reach 45 percent at the beginning, and will increase to 55 percent within two years.

In December, the Egyptian Ministry of Public Enterprise agreed with the Chinese company Dong Feng for the automobile industry to sign a memorandum of understanding between the two sides in January 2020 regarding joint cooperation to produce electric passenger cars on the lines of the Nasr Automobile Company.

Tawfik said then that the project represents a revival of the Nasr Automotive Company, which has been stalled since 2009 under the liquidation decision, which is one of the prestigious companies in the portfolio of companies affiliated of the Ministry of Public Business Sector.

He stated that the ministry seeks to revive the Nasr Automotive Company through the production of electric ride-on cars in cooperation with the Chinese company Dong Feng for the automobile industry, adding that it is intended that the production capacity of victory for cars will reach 25,000 electric cars during years.

egypttoday


Categories : auto

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