Locally assembled Proton models will soon be hitting Egyptian streets: A EGP 3 bn factory to assemble Malaysian automaker Proton’s Saga model was officially opened yesterday, according to a statement from the Industry Ministry. The cars will be assembled by Proton’s local agent, Ezz El Arab JV Ezz Elsewedy Automotive Factories (ESAF).

Remember: Elsewedy Electric sister company Elsewedy Capital and automotive group Ezz El Arab launched joint venture ESAF late last year to assemble petrol and electric vehicles. The JV was set to receive more than USD 15 mn of investment to assemble 50k Proton-branded petrol cars and EVs annually in the “coming years.”

By the numbers: ESAF is targeting an annual production capacity of 40k — to be doubled at a later stage — and a local component ratio of 48%. The plant will export some 10% of its production in the first year of operations, before expanding the amount of cars exported, and will create some 300 jobs.

The project is ahead of schedule: The factory will start assembly next month, according to the statement, ahead of Proton Egypt General Manager Bassem Ashmawy’s comments earlier this year that the company would start locally assembling its Saga model in early 2025.

A call for more Malaysian investments: Malaysian Prime Minister Anwar Ibrahim attended the inauguration as part of his four-day visit to Egypt, which saw deputy president for industrial development and trade minister, Kamel El Wazir, invite Malaysian companies to invest in the country, positioning Egypt as an export hub to European, African and Middle Eastern countries.

ALSO IN AUTOMOTIVE NEWS-

FRA approves guidelines for EV ins. policies: The Financial Regulatory Authority (FRA) has approved two guiding documents for ins. policies covering electric vehicles (EVs) for personal and commercial use, Al Mal reports, citing the Ins. Federation of Egypt’s auto division head, Arabi Al Sayed.

The details: The guiding documents see ins. plans covering accidents, repairs, fires, theft, third-party liability, and passenger protection for EV owners — though only if they follow manufacturer guidelines to avoid issues, such as only using original chargers and safely disposing of damaged batteries. Cyberattacks are excluded from coverage. Each ins. company must get FRA approval before issuing either of the approved policies.

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