Kasrawy Group targets 23,000 vehicles in 5 years – Cabinet

Egyptian automotive conglomerate, Kasrawy Group has set an ambitious goal of producing 23,000 vehicles over the next five years, Chairman Mohamed Al-Kasrawy announced during a meeting with the Egyptian Prime Minister Moustafa Madbouly on Sunday. The meeting focused on expanding local manufacturing and export opportunities.

With a presence spanning eight automotive brands, six Egyptian joint-stock companies, and one free zone entity, Kasrawy boasts a network of 65 authorised dealers nationwide. The group’s strong performance in 2023 saw over 9,500 vehicles sold locally and 6,066 units exported, generating $57.8 million in revenue. Total investments in the automotive sector currently stand at 3.25 billion Egyptian pounds.

A key component of the group’s strategy is the manufacturing of the Golden Dragon 15-passenger minibus, initiated in 2022. Aligned with the government’s push to replace older vehicles with natural gas-powered alternatives, this minibus, featuring 60 per cent locally sourced components, is included in various governorate-level replacement programmes. Production is currently at 2,500 units annually, with plans to double this figure to 5,000 units. The project has secured $16 million in investments.

Looking ahead, Kasrawy is developing new models for export to African markets and is actively progressing the first and second phases of its manufacturing projects. These phases combined represent investments of 1.5 billion pounds and $102 million.

Attribution: The Egyptian Cabinet

Subediting: Y.Yasser, M. S. Salama