{"id":84189,"date":"2024-05-15T00:00:00","date_gmt":"2024-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/05\/15\/egypts-gv-auto-signs-agreement-with-chinas-faw-to-manufacture-and-export-evs\/"},"modified":"2024-05-15T00:00:00","modified_gmt":"2024-05-15T00:00:00","slug":"egypts-gv-auto-signs-agreement-with-chinas-faw-to-manufacture-and-export-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/05\/15\/egypts-gv-auto-signs-agreement-with-chinas-faw-to-manufacture-and-export-evs\/","title":{"rendered":"Egypt\u2019s GV Auto signs agreement with China\u2019s Faw to manufacture and export EVs"},"content":{"rendered":"

Another Egyptian-Chinese EV venture in the works: <\/strong>GV Investments\u2019<\/a> automotive arm GV Auto has signed a partnership agreement with Chinese state-owned Faw Group<\/a> to locally manufacture, assemble, market, distribute, and export EVs, GV Investments Chairman Sherif Hamouda told Al Borsa<\/a>. The partnership will be backed up with an initial investment of EPG 3 bn, Hamouda told Asharq Business<\/a>. <\/p>\n

Chinese EVs, assembled in Egypt: <\/strong>Locally assembled EVs from the partnership should start rolling out by the beginning of next year, Hamouda added. The two companies will use already existing factories to assemble the vehicles and have already set their sights on what models to assemble locally.<\/p>\n

Not just local assembly, but local manufacture too: <\/strong>\u201cThe partnership will not be limited to local assembly only, but rather complete parts will be manufactured locally as well,\u201d Hamouda told Asharq Business. The partnership aims to eventually have a 65% local component quota. <\/p>\n

Exporting EVs is also part of the plan: <\/strong>The companies are planning to establish a hub from which they aim to export EVs from Egypt, Hamouda said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies plan to establish a hub from which they aims to export EVs from 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