Naguib plans to invest over USD 120 mn to turn motorcycles and three-wheeled tuk-tuks into EVs

Naguib wants to turn motorcycles and tuk-tuks into EVs: Naguib Sawiris is planning to invest at least USD 120 mn in a project that aims to replace motorcycles’ and tuk-tuks’ traditional combustion engines with electric motors, he told Asharq Business (watch, runtime: 00:30) on the sidelines of the COP28 climate summit.

BluEV to pull the levers? Sawiris’ plan will be carried out through e-mobility startup BluEVunder an investment agreement signed with Orascom Investment Holding (OIH) earlier this year, a source with knowledge of the matter told Enterprise.

Remember: Sawiris’ OIH became a strategic investor in BlueEV in May after making an undisclosed investment.

The “how”: BluEV operates a network of lithium-ion battery swapping stations for two- and three-wheeled electric vehicles, allowing users to replace their petrol engines with electric ones and replace drained batteries with fully-charged ones.

There’s more: BluEV will help you finance the transition. BluEV plans to team up with consumer finance firms at a later stage to make it easier for vehicle owners to get the required financing for replacing their conventional engines, our source said.