Three international automotive companies are planning to invest up to $145 million in Egypt over the next three years, Prime Minister Mostafa Madbouly stated in a press conference on February 22nd.

The major companies, namely Nissan, General Motors, and Stellantis, will pump their investment into the Egyptian Auto market as per the three framework agreements signed with the Egyptian Supreme Council for Automotive Industry, Madbouly highlighted.

The companies are targeting an average annual production of about 60,000 to 70,000 vehicles in the North African country, he said.

He also added that a portion of the production will be exported to attract hard currency, while a percentage will be manufactured as electric vehicles (EVs).

This comes within the directives of President Abdel Fattah El-Sisi to localize the automotive industry in Egypt.

 

 

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