{"id":655473,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/el-nasr-auto-and-al-safy-group-form-auto-assembly-jv-with-usd-40-mn-in-initial-investments\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"el-nasr-auto-and-al-safy-group-form-auto-assembly-jv-with-usd-40-mn-in-initial-investments","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/el-nasr-auto-and-al-safy-group-form-auto-assembly-jv-with-usd-40-mn-in-initial-investments\/","title":{"rendered":"El Nasr Auto and Al Safy Group form auto assembly JV with USD 40 mn in initial investments"},"content":{"rendered":"

El Nasr Automotive\u2019s comeback revs the accelerator pedal:<\/strong> State-owned El Nasr Automotive and the privately held Al Safy Group have set up a joint venture \u2014 dubbed SN Automotive \u2014 to assemble global car brands locally to sell in Egypt and export to other North African nations, according to a statement (pdf)<\/a>. After being established with EGP 500 mn in capital at the beginning of this year, the JV has now had initial investments of USD 40 mn, with further investments planned to expand operations.<\/p>\n

Al Safy is the one in the driving seat: <\/strong>Al Safy holds a 76% stake in the venture, while El Nasr owns the remaining 24%.<\/p>\n

The first three models will be launched next year:<\/strong> SN Automotive has already secured a contract with a major unnamed Chinese automaker and plans to launch three locally assembled models \u2014 one electric and two gasoline-powered \u2014 by mid-2025, with the company already having contracted automated welding lines for these models. The plants\u2019 launch next year will also see SN Automotive announce a second partnership with another foreign automaker, according to the statement.<\/p>\n

Remember: <\/strong>El Nasr this week officially restarted operations<\/a> after a 15-year hiatus, delivering its first batch of electric 49-passenger buses in partnership with China\u2019s Yutong to Transport Ministry-affiliated companies.<\/p>\n

Who\u2019s doing what?<\/strong> Al Safy is set to oversee the entire supply chain, from importing parts and securing local components to distributing cars, managing dealerships, and providing after-sales services. El Nasr will be responsible for manufacturing.<\/p>\n

Deepening local industry: <\/strong>The partnership aims to increase the percentage of local components in manufactured cars from 49% to more than 60% \u2014 set to further efforts to deepen auto industry localization<\/a> in the coming years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three locally assembled models are slated for launch by mid-2025<\/p>\n","protected":false},"author":1,"featured_media":655474,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[6394,144,250,72,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-655473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-al-safy-group","tag-automotive","tag-el-nasr-automotive","tag-enterpriseam","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"16483933-38e4-4434-a414-96ba8aa8f619","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1773.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s El Nasr Auto and Al Safy Group form auto assembly JV with USD 40 mn in initial investments","related_issue":[655457],"teaser":"Three locally assembled models are slated for launch by mid-2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.2348a76d-b933-4bde-9519-e93cc26c64f5.mp3"},"yoast_head":"\nEl Nasr Auto and Al Safy Group form auto assembly JV with USD 40 mn in initial investments - 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