Automotive News
-
42,000 apply to tax-free car import initiative for expats
Maait confirmed that the recent facilities approved by the Cabinet will continue, including cancelling the deposit before the transfer.
-
IDEX 2023: Egypt takes COTS route for protected vehicles
The Temsah-4 armoured vehicle is based on a Mercedes-Benz chassis to reduce through-life costs and features scalable protection levels.
-
Egypt signs 3 binding agreements to pump $145M investments in automotive sector
The three companies (Nissan, General Motors and the French Stellantis Group) will deliver an average of 60 to 70 thousand cars annually.
-
Egypt’s gov. seeks to localize electric vehicles industry
It also noted that the public sector companies are committed to annually replace 5 percent of their vehicles by locally-made electric ones.
-
Finance minister says 42,000 expats apply to import cars for personal use
As many as 13,000 payment orders worth about $202 million have been issued, as well as 2,900 import approvals, the minister made it clear.
-
Egypt signs 3 agreements for automotive manufacture with local, int’l companies
Egypt signed three framework agreements for the manufacture of cars between the Egyptian government and a number of local and international companies.
-
Facilities on import of cars by Egyptian expats to be extended for 2 months
Omar noted that there will be a meeting of the Plan and Budget Committee next week for final approval.
-
Egypt launches 1st locally manufactured E-vehicle
Yasmine Fouad, Egyptian Minister of the Environment witnessed the inauguration of the first fully electric vehicle by the Abou Ghaly Motors.
-
BMW assembly operations starts officially in Egypt
$150 million investments have been pumped into the local market, indicating that the factory acquires the lion's share of these investments.
-
Egypt Auto Finance Market is expected to grow at a CAGR of ~11% between 2023F - 2027F
Financial Penetration is anticipated to increase, while share of down payment will continue to decline backed by improvement in financial access.
-
Deadline for customs-free car import initiative not to be extended
According to figures from the Central Bank of Egypt, foreign reserves registered $34 billion in December 2022, down from $40.9 billion in February.
-
Egypt establishes its first global city for trade of new, used cars
The global city will include a free zone and a used car sale area, the agency complex area, traffic offices, car showrooms, and services.
-
Valeo has invested around €0.5bn in Egypt over the past 10 years
Valeo is a tech company that works in the field of smart mobility with a particular focus on the development of safety on roads.
-
Egypt eases rules for tax-free car import programme
Egyptian expats wishing to take advantage of a government initiative to import cars to Egypt free of custom duties and taxes are now not required.
-
45 Worn-out cars, motorcycles lifted from streets during traffic campaigns
Egyptian President Abdel-Fattah El-Sisi called on the government to end the abandoned vehicles phenomenon in various cities.
-
SCZone receives first batch of Mercedes vehicles in logistic park
The partnership with Mercedes-Benz Egypt and its presence within SCZone is an important step to support the auto industry in SCZone.
-
Egypt to build electric vehicles
President Abdel Fattah El-Sissi told the World Youth Forum in Sharm El-Sheikh that he was personally committed to seeing EVs built in Egypt.
-
Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m
The percentage of GB Capital in GB Leasing’s capital became 55% after the sale.
-
Gov’t interested in car manufacturing, not just assembly
A car manufacturing complex is under construction in East Port Said to lure further investments.
-
Project: Automotive Spare Parts
Cairo: Supply of spare parts for tractors