{"id":548041,"date":"2022-07-24T04:00:10","date_gmt":"2022-07-24T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/"},"modified":"2022-07-24T04:00:10","modified_gmt":"2022-07-24T04:00:10","slug":"nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/","title":{"rendered":"Nigerian auto startup plans to launch EVs in Egypt next year"},"content":{"rendered":"<p><strong>This Nigerian startup is planning to launch EVs in Egypt:<\/strong> <a href=\"https:\/\/www.max.ng\/\">Metro Africa Xpress<\/a> plans to debut its electric vehicles in eight countries in Africa by 2023, including Egypt, Cameroon and Uganda, CEO Adetayo Bamiduro told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-21\/nigeria-startup-to-expand-electric-vehicle-use-in-african-push\">Bloomberg<\/a>. The Nigerian startup, backed by private equity firm Lightrock, raised USD 31 mn last year, which will enable it to increase its vehicles to 100k by 2023 from 8k currently, and grow the percentage of EVs in its fleet to 20% from 4%.<\/p>\n<p><strong>Your Swvl ride is getting 5% more expensive: <\/strong>Swvl is raising its fares by 5% in response to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">recent hike in petrol prices<\/a>, CFO Youssef Salem reportedly told <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23072022&id=f1031647-2d11-496d-b30c-3837106f30c8\">Al Shorouk<\/a>. The mass transport company follows Uber, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff7982c7-4ab3-4841-bbb8-400e551485ef\">last week raised prices<\/a> in response to the higher fuel costs, and public transport, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">hiked fares by 5-7%<\/a>.<\/p>\n<p><strong>Qalaa Holdings\u2019 shareholders voted to continue the company\u2019s operations during <\/strong><strong>an extraordinary general assembly on Wednesday<\/strong>, despite incurring losses of more than half of its shareholders\u2019 equity, the company said in <a href=\"https:\/\/ent.news\/2022\/7\/Qalaa-holdings-disclosure.pdf\">a disclosure (pdf)<\/a> to the EGX. The devaluation of the EGP caused the company\u2019s losses to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2abe87ac-6bdd-40b9-84cc-f3045510ef8f\">widen to EGP 584.1 mn in 1Q2022<\/a>, offsetting a surge in revenues.<\/p>\n<p><strong>The CBE wants exporters to use Buna:<\/strong> The Central Bank of Egypt (CBE) is calling on exporting companies to use the Arab Monetary Fund\u2019s regional <a href=\"https:\/\/buna.co\/\">payment system Buna<\/a> for cross-border bank transfers, <a href=\"https:\/\/www.alborsaanews.com\/2022\/07\/23\/1560413\">Al Borsa<\/a> reported. The platform was launched by the AMF in 2020 to increase the use of local currencies in settling payments. It offers instant transfers and charges fixed fees.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The EU<\/strong> is providing <strong>Egypt <\/strong>with a EUR 117.9 mn grant for water and energy efficiency, the <strong>International Cooperation Ministry<\/strong> said. (<a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid0Kx5Gh7DoLLkn74UVY656hWYQSyorJoT7khjYVfkRYJKSEWUooRt61s5dNhoB6jcfl\">Statement<\/a>)<\/li>\n<li>The <strong>National Bank of Egypt<\/strong> is granting real estate developer <strong>Ardak <\/strong>an EGP 300 mn loan to restructure its debts. (<a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23072022&id=f8255f5e-2a4b-43b4-9c19-377044892920\">Al Shorouk<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This Nigerian startup is planning to launch EVs in Egypt: Metro Africa Xpress plans to debut its electric vehicles in eight countries in Africa by 2023, including Egypt, Cameroon and Uganda, CEO Adetayo Bamiduro told Bloomberg. The Nigerian startup, backed by private equity firm Lightrock, raised USD 31 mn last year, which will enable it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,144,101,72,7192,2168,1914,613,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548041","post","type-post","status-publish","format-standard","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-development-finance","tag-enterpriseam","tag-eu","tag-metro-africa-xpress","tag-nigeria","tag-qalaa-holdings","tag-startups","wpautop","entry"],"acf":{"mongo_id":"7956e925-03ac-4268-8057-42146349c0d2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548025],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nigerian auto startup plans to launch EVs in Egypt next year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian auto startup plans to launch EVs in Egypt next year\" \/>\n<meta property=\"og:description\" content=\"This Nigerian startup is planning to launch EVs in Egypt: Metro Africa Xpress plans to debut its electric vehicles in eight countries in Africa by 2023, including Egypt, Cameroon and Uganda, CEO Adetayo Bamiduro told Bloomberg. The Nigerian startup, backed by private equity firm Lightrock, raised USD 31 mn last year, which will enable it [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-24T04:00:10+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Nigerian auto startup plans to launch EVs in Egypt next year\",\"datePublished\":\"2022-07-24T04:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\"},\"wordCount\":314,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"ALSO ON OUR RADAR\",\"automotive\",\"development finance\",\"EnterpriseAM\",\"EU\",\"Metro Africa Xpress\",\"Nigeria\",\"Qalaa Holdings\",\"startups\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\",\"name\":\"Nigerian auto startup plans to launch EVs in Egypt next year - 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The EIB\u2026","rel":"","context":"In &quot;Transport&quot;","block_context":{"text":"Transport","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/transport\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/417.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630552,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/24\/swvl-sees-the-largest-funding-round-in-egypt-tech-startup-history\/","url_meta":{"origin":548041,"position":1},"title":"Swvl sees the largest funding round in Egypt tech startup history","author":"enterpriseam admin","date":"24 April 2018","format":false,"excerpt":"INVESTMENT WATCH- Swvl closes the largest funding round in Egypt tech startup history: Mass transit ride-hailing app Swvl received USD 8 mn in Series A funding, the company said in a statement on Monday (pdf). The funding is led by regional venture fund BECO Capital, alongside Africa-based investor DiGAME, global\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/4\/1706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/10\/swvl-announces-expansion-into-nigeria-in-july\/","url_meta":{"origin":548041,"position":2},"title":"Swvl announces expansion into Nigeria in July","author":"enterpriseam admin","date":"10 June 2019","format":false,"excerpt":"STARTUP WATCH- Swvl says it will expand into Nigeria in July: Egyptian transportation startup Swvl has announced that it is expanding into Nigeria, with initial plans to launch 50 buses in Lagos by mid-July, MENAbytes reports. 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The company plans to make use of idle tour buses hired out from tour companies to operate cheap bus routes across Cairo.\u2026","rel":"","context":"In &quot;ON YOUR WAY OUT&quot;","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581488,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/abou-ghaly-brings-a-geely-ev-to-the-local-market-with-payment-in-fx-looks-to-use-egypt-as-a-hub-to-sell-evs-into-africa\/","url_meta":{"origin":548041,"position":5},"title":"Abou Ghaly brings a Geely EV to the local market (with payment in FX), looks to use Egypt as a hub to sell EVs into Africa","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"Abou Ghaly will introduce Geely EVs here: Abou Ghaly Motors is introducing Chinese automaker Geely\u2019s Geometry C electric car to the local market, according to a company statement. 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