Prime Minister Mostafa Madbouli met with executives of Stellantis, the French business that owns the Peugeot, Citroen, and Chrysler brands, as well as its Egyptian agent, on Tuesday to discuss the company’s plans to develop an electric vehicle factory in Egypt.
Stellantis’ representative, Samir Shefran, stated that the company intends to take advantage of Egypt’s automobile incentives. That is, by constructing an electric vehicle manufacturing facility whose products would be sold both locally and internationally. Shefran also gave a presentation on the company’s global operations, including those in Algeria, Morocco, and South Africa.
On his part, the prime minister stated that the government is willing to provide all feasible benefits for the firm to enter the Egyptian electric car market, and requested a thorough plan for the factory’s construction as well as others in the electric automobile feeding industries sector. The Egyptian prime minister inspected a model of an electric car built by General Motors in December, which is projected to be available in the Egyptian market in the year 2022.
The prime minister reminded executives from General Motors and its Egyptian agent, Mansour Group, that the government can boost car sales through a variety of programs and initiatives, as well as a variety of consumer incentives and exemptions.
Madbouli requested the two companies to develop a thorough strategy for producing the vehicle in Egypt so that the government can provide the required assistance. Minister of Finance Mohamed Mait and Minister of Industry and Trade Nevine Gamea were present at the meeting with the prime minister earlier.
During the conference, Ankush Arora, CEO of the Al Mansour Group, made a plan to start producing electric vehicles in Egypt, which is a target the government has been working on alongside the localization of electric automotive feeding businesses.
The CEO of the Al Mansour Group also shared his company’s perspective on the variables that he believes are critical to the development of the Egyptian electric vehicle market, which is comparable to incentives used in many other nations.
According to Arora, the number of electric vehicles available in 2021 is 2.65 million, up 168 percent from 2020. Furthermore, by 2020, the global percentage of electric vehicles had risen to 14%, up from 7% in 2020. He went on to say that the global market for electric automobiles is expected to increase at a rate of 27 percent per year until 2030.
The prime minister spoke with the CEOs of Mansour Group and General Motors in November, and they indicated they would start choosing the features of the electric car that will be sold in Egypt. They also stated that by 2025, the corporation plans to invest roughly $35 million in Egypt.