{"id":581488,"date":"2023-02-12T00:00:00","date_gmt":"2023-02-12T00:00:00","guid":{"rendered":"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\/"},"modified":"2023-02-12T00:00:00","modified_gmt":"2023-02-12T00:00:00","slug":"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","status":"publish","type":"post","link":"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\/","title":{"rendered":"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"},"content":{"rendered":"

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<\/span>Abou Ghaly will introduce Geely EVs here: <\/span>Abou Ghaly Motors is introducing <\/span>Chinese automaker Geely\u2019s Geometry C electric car to the local market, according to a <\/span>company statement<\/a><\/span>. <\/span><\/p>\n

The catch: If you want one you\u2019ll need to pay in USD<\/span> <\/span>through Abou Ghaly\u2019s freezone company in Alexandria due to the difficulties that local automakers continue to face securing hard currency payments for imports, <\/span>Tamer Kotb<\/span>, Abou Ghaly\u2019s group chief operating officer, told Enterprise yesterday. <\/span><\/p>\n

About the car: <\/span>Geometry C can cover up to 550 km on a full charge with some 201 horsepower. The car <\/span>saves motorists some 80% in fuel and running costs when compared with traditional vehicles, <\/span>Abou Ghaly said in its statement. Check out more of the car\u2019s specs <\/span>here<\/a><\/span>. <\/span><\/p>\n

The auto sector is still facing logjams at the nation\u2019s ports:<\/span> \u201cWe are still unable to release any of our car imports stuck at the ports since last May due to the country\u2019s FX squeeze,\u201d said Kotb, telling us that cars aren\u2019t among the government\u2019s priorities when it comes to releasing backlogged imports. <\/span><\/p>\n

Wait what?<\/span> Prime Minister Moustafa Madbouly said at the <\/span>end of January<\/a><\/span> that the backlog of imported goods at our ports has been cleared.<\/span><\/p>\n

The auto sector had a tough 2022:<\/span> Annual car sales fell more than a third during 2022 on the back of the FX crunch, according to <\/span>industry data<\/a><\/span> out earlier this month. Sales are expected to pick up later this year after the central bank revoked <\/span>import restrictions<\/a><\/span> brought in last spring to conserve hard currency. <\/span><\/p>\n

LOCAL EV ASSEMBLY IN THE WORKS-<\/span><\/p>\n

Abou Ghaly plans to start locally assembling Geely EVs at some point this year,<\/span> Kotb told <\/span>us. Geely will provide the know-how and technical expertise, while Abou Ghaly will cover the initial investment cost and take charge of marketing, distribution and sales, <\/span>he said. The local automaker is in negotiations with Geely to use Egypt as an export hub for the Chinese automaker\u2019s EVs to Africa, he added.<\/span><\/p>\n

Abou Ghaly thinks the market is ready<\/span>: <\/span>\u201cTalking to leaders in the green-industry ecosystem during the <\/span>Enterprise Climate X Forum<\/span> in December reinforced our belief that the Egyptian market is ready for EVs,\u201d said Kotb. The company has been talking to \u201cGeely and other international EV automakers about importing and even assembling their EV cars in Egypt and trying to convince them that local demand and the infrastructure are up to par,\u201d he added. <\/span>Our friends at renewable energy player Infinity have built <\/span>at least 115 charging stations<\/a><\/span> so far nationwide, part of a plan with the government to set up <\/span>6k vehicle charging points at 3k stations<\/a><\/span> across the country. <\/span><\/p>\n

EVs are now the priority amid market uncertainty: <\/span>The local automaker last year said it hoped to start locally producing <\/span>one of Geely\u2019s traditional economy lines<\/a><\/span> in the summer of this year, before later moving into EVs.<\/span> But the signing of an agreement on local production for traditional vehicles has been postponed indefinitely, Kotb told us, <\/span>citing the Chinese company\u2019s concerns over \u201cmarket uncertainty.\u201d<\/span><\/p>\n

Gov\u2019t is backing the move: <\/span>The government is supporting Abou Ghaly and other private secretary players with incentives to get the EV industry off the ground, Environment Minister Yasmine Fouad <\/span>said<\/a><\/span> at the launch event, without elaborating. The minister <\/span>expects the first locally-assembled EVs to roll off production lines next year.<\/span> International Cooperation Minister Rania Al Mashat and Trade and Industry Minister Ahmed Samir also <\/span>attended the launch<\/a><\/span>. <\/span><\/p>\n

The national automotive strategy should unlock more investment in local production: <\/span>\u201cIt\u2019s unlikely that any investor will take serious steps into local assembly before the launch of the government\u2019s automotive strategy and assurances that the program will remain in place for at least 5-7 years,\u201d said Kotb.<\/span> <\/span><\/p>\n

We\u2019ve been waiting for the government to unveil its automotive strategy for years:<\/span> The government is working on the <\/span>long-awaited strategy<\/a><\/span>, which it says will provide incentives to carmakers in a bid to increase local assembly and component manufacturing.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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. The catch: If you want one you\u2019ll need to pay in USD through Abou Ghaly\u2019s freezone company in Alexandria due to the difficulties that local automakers continue […]<\/p>\n","protected":false},"author":1,"featured_media":581489,"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":[7339],"tags":[144,72,356,2093,3518,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-evs","tag-geely","tag-local-assembly","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"e7c824ed-2d5a-4251-ab4e-152755d7c179","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/Geely-EV-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581481],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.a6b053b2-73ab-49a4-b008-d3fedea749b3.mp3"},"yoast_head":"\nAbou 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 - 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\/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\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"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\" \/>\n<meta property=\"og:description\" content=\"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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Abou Ghaly is conducting feasibility studies and the two sides are now finalizing details including pricing,\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":638208,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/abou-ghaly-motors-secures-ebrd-funds-to-continue-electrifying-its-london-cab-fleet\/","url_meta":{"origin":581488,"position":3},"title":"Abou Ghaly Motors secures EBRD funds to continue electrifying its London Cab fleet","author":"enterpriseam admin","date":"11 August 2024","format":false,"excerpt":"The injection follows a EUR 10 mn loan in 2022 that funded the purchase of the auto group\u2019s first 250 electric cabs","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/816.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547464,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/","url_meta":{"origin":581488,"position":4},"title":"Abou Ghaly could get EGP 175 mn from EBRD to electrify London Cab fleet","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"Abou Ghaly looks to EBRD for EV funding: Abou Ghaly Motors (AGM) could receive up to EGP 175 mn (EUR 9 mn) from the European Bank for Reconstruction and Development (EBRD) to fund the acquisition of electric vehicles (EVs), according to the lender\u2019s website.The money will finance the electrification of\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":609860,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/12\/mercedes-benz-evs-hit-the-market\/","url_meta":{"origin":581488,"position":5},"title":"Mercedes-Benz EVs hit the market","author":"enterpriseam admin","date":"12 November 2023","format":false,"excerpt":"The EVs will be available at Mercedes dealerships across Egypt","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/529.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=581488"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/581488\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/581481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/581489"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=581488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=581488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=581488"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=581488"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=581488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}