(Ecofin Agency) - Egypt wants to revive its automotive industry whose production has been dropping constantly since 2009-2010. In that regard, it developed a national program, which will greatly benefit from the announced plan.
Luxury automotive brand Mercedes-Benz plans to localize electric vehicle (EV) manufacturing in Egypt. The information was disclosed by the country’s Ministry of Trade in a release dated May 3.
For Gerd Bitterlich, prescient and CEO of Mercedes-Benz Egypt, the country is a promising market. The plan aligns with Egypt’s ambition to develop its automotive industry.
In 2021, the country announced a national development strategy for the automotive industry. It aims to take Egypt a step further in the car manufacturing journey. Currently, there are car assembly plants in the country but it wants to start using a larger percentage of local components and produce solar and hybrid cars.
According to CEIC Data, from 2009 to 2020, Egypt’s car production decreased significantly. From 92,300 units in 2009, the production dropped to 23,700 in 2020.