GV Auto Announces Major Egyptian EV Production Initiative for Early 2025

GV Auto Announces Major Egyptian EV Production Initiative for Early 2025

By Staff Writer, 15 May 2024

Egypt's GV Auto, a part of the GV Investment Group, is set to venture into electric vehicle (EV) production in collaboration with the renowned Chinese automaker FAW Group.

Chairman Sherif Hamouda shared this news with Asharq Business, disclosing that operations are slated to commence by early 2025.

The initiative will kick off with substantial initial investments amounting to EGP 3 billion ($64 million).

The manufacturing process's initial phase will unfold in third-party facilities, leveraging existing car factories in Egypt.

GV Auto aims to introduce no fewer than 3,000 EVs into the market, emphasizing that the endeavor surpasses mere assembly.

Notably, it marks the first instance of complete parts being fabricated locally.

Highlighting a commitment to local development, Hamouda revealed a target of achieving a significant 65% local component ratio.

Moreover, he articulated the company's ambition to establish Egypt as an export hub for EVs, setting a strategic platform for international trade.

Source: Arab Finance

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