Arab Finance: Alkan Auto, a subsidiary of the Egyptian International Motors Group (EIM Group), has signed an agreement with the Chinese automaker BAIC Group to set up an electric vehicles (EVs) manufacturing factory in Egypt, as per a statement.

The factory is set to be established on a 120,000-square-meter area and is expected to start operation by the end of 2025.

It aims to meet the domestic demand for EVs and export to Middle Eastern and African markets.

The factory is slated to produce 20,000 EVs in the first year after operation, with the aim of reaching a production capacity of 50,000 EVs by the end of the fifth year.

Local components in EV manufacturing will make up 48%, with targets to increase this percentage to 58%.

Also, the project is set to create around 1,200 job opportunities.

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