|05 December, 2019

Egypt to sign MoU with Dongfeng in January 2020 to manufacture EVs locally: minister

The Minister stressed that the project represents a revival of El Nasr Automotive Manufacturing Company

Employees assemble cars at a production line of Dongfeng Peugeot Citroen Automobile factory in Wuhan, Hubei province, February 13, 2014. REUTERS/Darley Shen Image used for illustrator purpose

Employees assemble cars at a production line of Dongfeng Peugeot Citroen Automobile factory in Wuhan, Hubei province, February 13, 2014. REUTERS/Darley Shen Image used for illustrator purpose

REUTERS/Darley Shen

Egypt to sign a memorandum of understanding (MoU) in January 2020 with the Chinese company Dongfeng Motor Corporation to study the manufacturing of electric vehicles (EVs) in Egypt, Minister of Public Enterprise sector Hesham Tawfik announced on a press statement on Wednesday.

The minister added that the terms of the MoU were agreed upon, followed by the preparation of a preliminary feasibility study by the Holding Company for Metallurgical Industries in the light of the information and data pledged by the Chinese side to provide  the production of Chinese electric cars on the production lines of El Nasr Automotive Manufacturing Company.

The study will provide information on the investment required for replacement and renovation in line with the technology used at Dongfeng company.

The minister revealed that he held a wide-range discussion session with the delegation of the Chinese car manufacturer Dongfeng to complete  ongoing negotiations on the joint cooperation for the production of electric ride cars on the lines of El Nasr Automotive Manufacturing Company.

The Minister stressed that the project represents a revival of El Nasr Automotive Manufacturing Company.

Notably, El Nasr Automotive Manufacturing Company is considered one of the oldest companies in the portfolio of companies affiliated to the Ministry of Public Business Sector, but it has been suspended since 2009 under a liquidation decision.

© 2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business