ESAF Holding, China’s Rox Motor form Egypt EV venture

Egypt’s Ezz El Arab–El Sewedy Industrial Investment (ESAF Holding) and Chinese hybrid cars manufacturer Rox Motor have agreed to establish a joint venture to produce ROX range-extended electric vehicles (REEVs) in Egypt, the industry ministry said on Monday.

The venture, to be named ROX Egypt, will oversee local vehicle production at ESAF’s manufacturing facilities as Egypt seeks to expand domestic automotive manufacturing and attract investment in electric mobility.

Industry Minister Khaled Hashem, who attended the signing ceremony, said the project would support efforts to increase local manufacturing and strengthen Egypt’s automotive sector.

The government aims to raise annual vehicle production to 100,000 units by 2030 under its national automotive development programme, he said.

Egypt has introduced incentives to attract investment in vehicle manufacturing, with a focus on increasing local content and expanding production of electric and alternative-energy vehicles.

The ministry did not disclose the value of the investment or the planned production capacity of the project.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser