Egypt Al Nasr to produce electric vehicles as operations resume after 15-yr hiatus
The move is expected to return the company to profitability while supporting efforts to localise the transport manufacturing industry, according to the ministry’s statement.
During the seventh annual Hapi conference on Tuesday, titled “The Competitiveness of the Egyptian Economy: Countdown to the 2030 Goals,” the company announced several new projects, including upgrades to its bus and passenger vehicle factories, the revival of El Nasr Pharmaceutical Chemicals, and the reopening of previously idle facilities.
The company also highlighted a partnership worth EGP 500 million signed last year with Al Safy Group to manufacture global car models locally.
Egypt’s transport manufacturing industry has become a central pillar of industrial localzsation, supported by the government’s drive to establish a domestic production base for trains, metro systems and electric transport to reduce reliance on imports.
This strategy also aligns with Egypt’s transition to a green economy, turning climate challenges into growth opportunities by expanding climate-aligned public investment.
These efforts form part of Egypt’s five-year economic roadmap, which aims to strengthen macroeconomic stability, increase manufacturing’s share of GDP to 20 per cent and achieve annual real GDP growth of seven per cent.
Egypt’s public business sector has recorded a more than 360 percent increase in revenues over the past decade, with exports approaching $1 billion and the market value of listed companies rising by 36 percent in the fiscal year ending 30 June 2025.
In August, the Ministry of Industry and Transport began developing a national database to map demand, challenges and opportunities linked to localising the automotive industry and boosting domestic manufacturing.
The automotive market has been transforming since earlier this year, following new legislative and procedural amendments aimed at regulating the import of vehicles, to ensure fair privileges and combat exploitation.
The ministry also launched the National Automotive Industry Development Programme to turn the sector into a globally competitive industrial base and attract international investment, in line with the national strategy for automotive localization.
The programme targets raising local value-added content to 60 percent, increasing the share of domestic industrial components to more than 35 per cent, and achieving an annual production of 100,000 vehicles.
Egypt partnered up with South Korea on a $10 million five-year cooperation agreement to upgrade vocational training in EVs and compressed natural gas (CNG) technologies.
Raya Auto and Sungrow also launched Electra, a brand focused on offering chargers for EVs, capacities of up to 180 kW, to meet the growing needs of Egypt’s electric-vehicle market, since EV charging prices went up in September by 79 percent to LE3.4 per kilowatt-hour (kw/h) for slow AC charging and increased by 75 per cent to LE6.55 per kw/h for fast DC charging.