Toyota is planning to increase its investment in Egypt in the next five years

Toyota is planning to increase its investment in Egypt in the next five years, Toyota Egypt’s CEO Ahmed Monsef told Daily News Egypt at the launch ceremony of its new USD 8.5 mn Toyota Fortuner production line yesterday. “Egypt is a very important market to us. We plan to make it our regional hub in the coming five years,” he said, without specifying the scope or size of upcoming investments. We noted yesterday that the Arab American Vehicles Company (AAV) — a joint venture between Arab Organization for Industrialization (AOI) and Chrysler Group — will begin assembling Toyota Fortuner 2017 cars in Egypt. Local components make up 47.1% of total production input, AOI chief Abdel El Aziz Seif El Din, according to a statement (pdf). The facility is expected to have a production capacity of 2-3,000 cars per year, said AAV’s chairman Mohamed Anis. You better save up if you are interested as the model may retail at around EGP 1 mn, said Anis.