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.