Dershal to invest USD 53 mn in Egypt for local electric car assembling

The local distributor of China’s Dongfeng cars, Dershal, is planning to invest USD 53 mn to begin assembling electric cars in Egypt, Dershal Chairman Hassan El Dessouky said, Xinhua reports. No further details were provided, but Dershal had signed an agreement with the state-owned Egyptian Automotive Manufacturing Company in July to cooperate on the assembly of electric cars using Chinese technology. The value of the agreement was not disclosed but execs said that he project would produce 200 vehicles in its first year and gradually increase output to 10,000 cars by its fifth year.