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Another step towards our auto localization ambitions: Egyptian International Trading and Agencies (EIT) — the sole distributor of Kia vehicles in Egypt — will invest over EGP 500 mn to start assembling Kia completely knocked down (CKD) vehicles in Egypt. Production is slated to kick off in 2026.
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Which models will we see assembled locally? EIT and Kia are still in discussions over which models will be locally assembled, Taher Shahin CEO of EIT parent company Egyptian International Motors said, adding that the lineup should be finalized within the coming weeks.
The timeline: EIT will start off with two models — an SUV and a sedan — with plans to have them in showrooms in the third or fourth quarter of next year. The first phase will see EIT assembling Kia models in external factories. EIT plans to set up its own Kia-assembly factory within two years and then gradually transfer its production lines to it.
Speaking of Kia: EIT plans to introduce five Kia EV models to the local market before the end of the year.
In line with our automotive localization efforts: The Madbouly government has made it a priority to localize the assembly of vehicles as the first step in its plan to truly localize the automotive sector. It updated the Automotive Industry Development Program this year with the goal of attracting more investments and deepening the localization of the sector.
AAIB CHIPPED IN FINANCING MCV’S EGP 3 BN E-BUS PLANT-
AAIB helped finance MCV’s newly-inaugurated electric bus factory: The Arab African International Bank (AAIB) provided a long-term loan worth EGP 770 mn and EUR 8 mn in January 2024 to help fund MCV’srecently-inaugurated EGP 3 bn electric bus factory, the lender said in a statement seen by EnterpriseAM.
ICYMI- The local private sector automaker and Swedish automotive giant Volvo last week opened a new EGP 3 bn assembly line for electric buses in Sharqia with an annual production capacity of 1.2k vehicles.
