{"id":620065,"date":"2024-05-15T00:00:00","date_gmt":"2024-05-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/15\/gv-auto-signs-agreement-with-chinas-faw-to-manufacture-assemble-distribute-and-export-evs\/"},"modified":"2024-05-15T00:00:00","modified_gmt":"2024-05-15T00:00:00","slug":"gv-auto-signs-agreement-with-chinas-faw-to-manufacture-assemble-distribute-and-export-evs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/15\/gv-auto-signs-agreement-with-chinas-faw-to-manufacture-assemble-distribute-and-export-evs\/","title":{"rendered":"GV Auto signs agreement with China\u2019s FAW to manufacture, assemble, distribute, and export EVs"},"content":{"rendered":"

Another Egyptian-Chinese EV venture in the works: <\/strong>GV Investments\u2019<\/a> automotive arm GV Auto has signed a partnership agreement with Chinese state-owned auto manufacturer FAW Group<\/a> to locally manufacture, assemble, market, distribute, and export EVs, GV Investments Chairman Sherif Hamouda told Al Borsa<\/a>. The partnership will be backed up with an initial investment of EPG 3 bn, Hamouda told Asharq Business<\/a>. <\/p>\n

Chinese EVs, assembled in Egypt: <\/strong>Locally assembled EVs from the partnership should start rolling out by the beginning of next year, Hamouda added. The two companies will use already existing factories to assemble the vehicles and have already set their sights on what models to assemble locally.<\/p>\n

Not just local assembly, but local manufacture too: <\/strong>\u201cThe partnership will not be limited to local assembly only, but rather complete parts will be manufactured locally as well,\u201d Hamouda told Asharq Business. The partnership aims to eventually have a 65% local component quota. <\/p>\n

Exporting EVs is also part of the plan: <\/strong>The companies are planning to establish a hub from which they aim to export EVs from Egypt, Hamouda said.<\/p>\n

GV Auto aren\u2019t the only ones teaming up with EV automakers abroad: <\/strong>In the first few months of the year, we\u2019ve already seen<\/a> Ezz El Arab partner with Germany's Smart Automobile to bring its electric vehicles to the local market in 3Q 2024. Meanwhile, Raya Holding\u2019s auto unit inked an agreement<\/a> with China\u2019s XPeng to bring its EVs into the local market and to work towards assembling the vehicles locally. State-owned El Nasr Automotive also kept up its search for a foreign partner to produce EVs with and was in talks<\/a> with Indian conglomerate Hinduja Group earlier in the year, after ventures with Chinese EV manufacturers in previous years fell through.<\/p>\n","protected":false},"excerpt":{"rendered":"

The companies plan to establish a hub from which they aims to export EVs from Egypt<\/p>\n","protected":false},"author":1,"featured_media":620066,"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":[144,72,356,977,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-620065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-evs","tag-gv-investments","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"0acfb597-e43c-434d-a0f0-1d24215e4a4c","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/1019.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GV Auto signs agreement with China\u2019s FAW to manufacture, assemble, distribute, and export EVs","related_issue":[620053],"teaser":"The companies plan to establish a hub from which they aims to export EVs from Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.c3ced7f4-1857-44c3-926e-51eb15db3764.mp3"},"yoast_head":"\nGV Auto signs agreement with China\u2019s FAW to manufacture, assemble, distribute, and export EVs - 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We made it to the midweek mark and are looking forward to the weekend to come. THE BIG STORIES TODAY#1- NBE raises limits for local USD transactions on select credit card types: The National Bank of Egypt (NBE) has announced that\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/275.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545603,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/el-nasr-automotive-to-sign-agreement-with-new-chinese-partner-to-locally-assemble-evs\/","url_meta":{"origin":620065,"position":2},"title":"El Nasr Automotive to sign agreement with new Chinese partner to locally assemble EVs","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"We\u2019re getting a new Chinese partner for EVs: State-owned El Nasr Automotive will sign next week with an unnamed Chinese company to locally assemble electric vehicles (EVs), El Nasr CEO Hany El Kholy told Enterprise. The upcoming agreement for the assembly of the EVs will be \u201cvery different\u201d from the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":613841,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/22\/raya-auto-to-locally-assemble-chinas-xpeng-evs-within-3-years\/","url_meta":{"origin":620065,"position":3},"title":"Raya Auto to locally assemble China\u2019s XPeng EVs within 3 years","author":"enterpriseam admin","date":"22 January 2024","format":false,"excerpt":"Raya Auto is now China EV manufacturer XPeng\u2019s sole agent in 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\/2024\/1\/1756.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544720,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/17\/el-nasr-natco-to-set-up-egypts-first-ev-dealership\/","url_meta":{"origin":620065,"position":4},"title":"El Nasr, NATCO to set up Egypt\u2019s first EV dealership","author":"enterpriseam admin","date":"17 March 2022","format":false,"excerpt":"Egypt is getting its first electric car dealer: State-owned firms El Nasr Automotive and the National Automotive Company (NATCO) will jointly set up Egypt\u2019s first electric car distributor, the Public Enterprises Ministry said in a statement (pdf) yesterday. NATCO will hold the controlling 76% stake in the yet-to-be named firm,\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\/3\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542780,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/17\/korean-firm-set-to-produce-parts-for-locally-assembled-ev-microbuses\/","url_meta":{"origin":620065,"position":5},"title":"Korean firm set to produce parts for locally assembled EV microbuses","author":"enterpriseam admin","date":"17 January 2022","format":false,"excerpt":"Korean auto firm set to sign agreement on locally assembled EV microbuses this week: State-owned Engineering Automotive Manufacturing Company (EAMCO) is set to sign a cooperation agreement with South Korean auto parts maker Myoung Shin to locally produce electric microbuses \u201cby the end of the week,\u201d Hapi Journal quotes Public\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\/1\/187.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\/620065","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=620065"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620065\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620053"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620066"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620065"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620065"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}