ArabFinance: El Nasr Automotive Manufacturing Company has signed a contract with the German group FEV to develop the electronic vehicles (EVs) industry, Managing Director at El Nasr Automotive Hani El-Kholy told Al Borsa News.

FEV has collaborated with El Nasr Automotive in choosing the EVs set for manufacture in the Egyptian market over the coming period, along with a leading Chinese company, El-Kholy said.

The German group has conducted a study on the Egyptian market’s demand for EVs, he highlighted, adding that the EV to be manufactured soon has undergone tests.

Moreover, El-Kholy noted that FEV is one of the leading global companies in developing vehicles, setting global standards for cars, and implementing designs.

FEV is working with several global automotive companies, including Volkswagen, BMW, Mercedes, and Audi, he pointed out.

El Nasr Automotive previously signed an agreement with National Automotive (NATCO) to establish the first company in Egypt for selling and distributing EVs.

Established in 1959, El Nasr Automotive is a subsidiary of Metallurgical Industries Holding Co, an affiliated company with the Ministry of Public Business Sector.

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