Egypt, Chinese Geely deal to produce electric cars

Egypt’s National Organization for Military Production and China’s carmaker Geely signed on Friday a memrondum of understanding (MoU) to produce electric cars.

Egyptian Minister of State for Military Production Mohamed El-Assar witnessed the ceremony of signing the agreement.

The move comes as part of the Ministry of Military Production’s endeavor, aimed at localizing the manufacturing of the electric vehicles in its subsidiaries.

The move also coincides with a global tendency to increase using of electric vehicles instead of fuel ones.

During the ceremony, vice president of Geely introduced a brief on the company history, which entered the vehicle markets in 1997, and succeeded in tapping into the global markets later on.

Source: MENA