October 7, 2020

Volkswagen seeks producing natural gas cars in Egypt


ArabFinance: German automaker Volkswagen plans to enter into a partnership with Egypt’s Arab Organization for Industrialization to manufacture natural gas-powered vehicles, Al Mal News reported on October 4th, citing Egyptian Automotive and Trading Company CEO Karim Naggar.

The agreement would hold a seven-year duration, once the “right governmental incentives” are offered, Naggar added.

Volkswagen would produce the natgas-backed versions of its Crafter and Caddy 5 cars for the local market in Egypt, the CEO elaborated.

He noted that the Crafter would replace microbuses used for public transportation, while the Caddy 5 would substitute old passenger cars and taxis.

The official noted that the German firm seeks customs and tax reduction, as well as a relaxation of labor laws to attract more foreign staff before it goes ahead with the agreement.

Egypt’s Minister of Trade and Industry Nevin Gamea said last July that the government intends to convert 147.00 vehicles to function by natural gas engines.

arabfinance

arabfinance


Categories : auto

Finance & Economy

EGX okays listing capital increase of Rubex

2020-12-03 07:00:00

ArabFinance: The Egyptian Exchange's (EGX) concerned committee approved, on December 2nd, listing capital increase shares of"...
Read More

Egyptians for Housing's shareholder rais...
December 3, 2020
Lineage Logistics Enters the Polish Cold...
December 3, 2020

Latest News



auto

Telefonica UK (O2) and IDEMIA Working to...
December 3, 2020
Velodyne Lidar’s Velabitâ„¢ Wins P...
December 3, 2020
Elsaba Automotive freezes all investment...
November 25, 2020