- Currently the company is finalizing its plan to set up a logistics centre, spanning over 20,000 meters, at the Suez Canal Economic Zone (SCzone).
Mercedes-Benz is exploring the prospects of manufacturing electric vehicles in Egypt. The proposal was discussed during the recent meeting between Minister of Trade and Industry Nevine Gamea and CEO of Mercedes-Benz Egypt Gerd Bitterlich to discuss the company’s present and future projects in the Egyptian market.
Recognising the potential of the Egyptian market, Bitterlich said, the company has set up 12 showrooms and also introduced the production of GLE-class and GLS-class four-wheel cars. Currently the company is finalizing its plan to set up a logistics centre, spanning over 20,000 meters, at the Suez Canal Economic Zone (SCzone).
Read Also; https://trendsnafrica.com/egypts-growth-story-endorsed-by-multilateral-agencies/
Al Nasr Automotive Company and the National Automotive Company (NATCO), have already signed a shareholder agreement to set up the first company specialized in the distribution and sale of electric cars in Egypt. Under the proposed agreement, the issued capital of the new company will be LE500 million, with a participation of 76 percent for the National Automobile Company (NATCO), and 24 percent for the Nasr Automotive Company,if the management rights are with the National Automobile Company (NATCO).
The company will provide after-sale services, maintenance and warranty for electric cars, as well as providing financing and insurance solutions for electric cars. The production of the locally made car is expected to start by 2023.It also plans to import and distribute different types and models of electric cars produced by international brands.
The Nasr Automotive Company is affiliated to the Holding Company for Metallurgical Industries, one of the companies under the Ministry of Business Sector. It is currently finalising the contract to license the production of its new electric car under the “Nasr” brand with the foreign partner.
Read Also; https://trendsnafrica.com/imf-raises-growth-forecast-for-egypt/
