Egypt-Based GV Investments Partners with Chinese Company to Manufacture EVs ...Egypt

Egyptian investment company GV Investments signed a partnership agreement with China’s car manufacturing giant FAW Group to produce affordable electric vehicles (EVs) for Egypt, GV Investments CEO Sherif Hamouda told Asharq Business on 27 May. Under the deal, a subsidiary of Egypt’s GV Investments will begin local production of FAW’s cheapest model during the first quarter of 2025 – requiring an investment of USD 20 million (EGP 951 million) for the necessary industrial facilities. The car, known in China as Bestune E05, is one of the world’s most affordable electric cars – costing around USD 17,500 (EGP 832,000) in China. Hamouda explained that the manufacturing scope would be expanded over

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