Arab Finance: GV Auto, a subsidiary of Egypt-based GV Investment Group, will commence electric vehicle (EV) production, in collaboration with the Chinese automobile manufacturer FAW Group, by early 2025 in Egypt, the group’s Chairman Sherif Hamouda told Asharq Business.

Hamouda unveiled that the venture would kick off with initial investments totaling EGP 3 billion.

The first phase of the manufacturing process will occur at third-party facilities across various existing car factories, he pointed out.

GV Auto targets rolling out no less than 3,000 EVs, with the manufacturing scope extending beyond mere assembly, as complete parts will be fabricated locally for the first time, he highlighted.

Moreover, Hamouda added that the Egyptian automotive firm aims to achieve a remarkable 65% local component ratio.

He also mentioned that the company seeks to establish a platform for exporting EVs from Egypt.