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

Chinese EVs, assembled in Egypt: 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.

Not just local assembly, but local manufacture too: “The partnership will not be limited to local assembly only, but rather complete parts will be manufactured locally as well,” Hamouda told Asharq Business. The partnership aims to eventually have a 65% local component quota.

Exporting EVs is also part of the plan: The companies are planning to establish a hub from which they aim to export EVs from Egypt, Hamouda said.

GV Auto aren’t the only ones teaming up with EV automakers abroad: In the first few months of the year, we’ve already seen Ezz El Arab partner with Germany’s Smart Automobile to bring its electric vehicles to the local market in 3Q 2024. Meanwhile, Raya Holding’s auto unit inked an agreement with China’s XPeng to bring its EVs into the local market and to work towards assembling the vehicles locally. State-owned El Nasr Automotive also kept up its search for a foreign partner to produce EVs with and was in talks with Indian conglomerate Hinduja Group earlier in the year, after ventures with Chinese EV manufacturers in previous years fell through.

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