{"id":613841,"date":"2024-01-22T00:00:00","date_gmt":"2024-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/raya-auto-to-locally-assemble-chinas-xpeng-evs-within-3-years\/"},"modified":"2024-01-22T00:00:00","modified_gmt":"2024-01-22T00:00:00","slug":"raya-auto-to-locally-assemble-chinas-xpeng-evs-within-3-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/raya-auto-to-locally-assemble-chinas-xpeng-evs-within-3-years\/","title":{"rendered":"Raya Auto to locally assemble China\u2019s XPeng EVs within 3 years"},"content":{"rendered":"

More EVs incoming:<\/strong> Raya Holding\u2019s automotive unit Raya Auto has become thecountry\u2019s sole agent for Chinese EV manufacturer XPeng<\/a> and will bring three of its models to the Egyptian market throughout the year, Raya Auto said in a state<\/a>ment (pdf)<\/a>.<\/p>\n

Chinese EVs, made in Egypt is part of the plan:<\/strong>Raya plans to invest EGP 500 mn in its partnership with the Chinese EV manufacturer and plans to start assembling XPeng EVs within the coming three years,Raya Holding Chairman Medhat Khalil said. But before this, Raya Auto will bring XPeng\u2019s P7i, G6, and G9 models to the market during the first half of the year \u2014 importing and distributing the cars and providing after-sale services, Raya Auto CEO Mohamed El Naggar said during a presser attended by Enterprise.<\/p>\n

Raya has been eying EV production for some time now<\/strong>, first announcing<\/a> plans to invest EGP 200 mn in local EV assembly in 2020.<\/p>\n

Where\u2019s the money coming from?<\/strong> Raya Holding is planning a EGP 250 mn capital increase for Raya Auto to fund half of the project with the Chinese automaker, while the remaining 50% will be secured through credit facilities, Raya Holding Group CFO Hossam Hussein told Al Borsa<\/a>.<\/p>\n

ALSO- Raya Holding plans to offer stakes in Raya Trade & Distribution, Raya IT, and<\/strong> Aman Financial Services<\/strong>\u201cwhen the market is ready to accommodate new offerings,\u201d Khalil reportedly told Asharq Business<\/a> on the sidelines of the presser. The company has been mulling offering up shares<\/a> in Raya Trade & Distribution and Aman Financial services on the EGX from at least 2022, and plans to offer 30-35% of Raya IT were announced<\/a> last December.<\/p>\n

Advisors<\/strong>:<\/strong> Our friends at EFG Hermes<\/a> have started promoting an up to 30% stake of Raya IT to foreign investors to test their appetite before going official with the offering, Hussien told Al Borsa<\/a>.<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

Raya Auto is now China EV manufacturer XPeng\u2019s sole agent in Egypt<\/p>\n","protected":false},"author":1,"featured_media":613842,"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":[144,72,356,8321,614,8322],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-evs","tag-raya-auto","tag-raya-holding","tag-xpeng","wpautop","entry"],"acf":{"mongo_id":"56cee642-0a73-4ac2-ac97-1f8bbd61ed21","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1756.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Raya Auto to locally assemble China\u2019s XPeng EVs within 3 years","related_issue":[613834],"teaser":"Raya Auto is now China EV manufacturer XPeng\u2019s sole agent in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.a93776b8-50a9-44ad-894c-fe23d641fb0c.mp3"},"yoast_head":"\nRaya Auto to locally assemble China\u2019s XPeng EVs within 3 years - 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PLUS: Raya Auto and China\u2019s XPeng to locally assemble EVs","author":"enterpriseam admin","date":"21 January 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and happy Sunday. We\u2019re somehow already in the back half of January \u2014 is it just us, or is 2024 moving faster than expected? 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PLUS: Locally-made EV batteries","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"Shift EV to supply Raya Auto with locally-produced batteries for its light EVs","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\/7\/2272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596141,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/19\/raya-discusses-ev-licensing-regs-with-egypts-traffic-authorities\/","url_meta":{"origin":613841,"position":5},"title":"Raya discusses EV licensing regs with Egypt\u2019s traffic authorities","author":"enterpriseam admin","date":"19 August 2019","format":false,"excerpt":"Raya Auto is in talks with traffic authorities to clarify licensing regulations for electric motorcycles, CFO of parent company Raya Holdings Hossam Hussein tells Al Mal. 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