Egypt-based GV Investments has partnered with China’s leading automotive manufacturer FAW Group to manufacture cost-efficient electric vehicles (EVs) in Egypt, GV Investments’ CEO Sherif Hamouda told Asharq Business.
Under this partnership, a subsidiary of GV Investments will start the local production of FAW’s most affordable car model within the first quarter (Q1) of 2025, Hamouda said.
He added that automotive firms would be primarily targeting the passenger transport services industry.
Also, he noted that his company is set to ramp up production over the coming three to five years to produce vehicles of which 65% of their components are locally manufactured, to be exported to the Middle East, Africa, Europe, and Latin America.
He referred to the need to allocating $20 billion for industrial facilities.
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