• GV Investments, an Egyptian real estate developer, has formed a strategic partnership with Russian electric vehicle (EV) manufacturer Concordia to establish an EV components manufacturing factory in Egypt.
• GV Investments will provide the required land and oversee the construction of the factory, which is anticipated to have a production capacity of up to 5,000 units. Notably, 60% of the components for the EVs will be sourced locally.
• The primary aim of the project is to export the manufactured EV components to the Gulf countries and North Africa, contributing to economic development in the region.
Egyptian real estate developer GV Investments has entered into a strategic partnership agreement with Russian electric vehicle (EV) manufacturer Concordia to establish an EV components manufacturing factory in Egypt, according to a company statement.
Under this collaboration, GV Investments will provide the necessary land and oversee the construction of the factory.
With a projected production capacity of up to 5,000 units, the factory will incorporate local components, constituting 60% of the total inputs for EVs.
The primary objective is to export these products to the Gulf countries and North Africa, thereby contributing to economic development in the region.
Anticipated to commence operations in the second half of 2024, this venture represents a significant step towards fostering collaboration between Egyptian and Russian entities in the burgeoning EV industry.
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