Cairo, Egypt - November 18, 2024 Egypt is making a push towards localizing the assembly and production of electric vehicles (EVs) to boost its auto sector while pursuing sustainable development. Egyptian Prime Minister Mostafa Madbouly on Sunday reopened the state-owned Nasr Auto Company following a 15-year hiatus. Now the company has a capacity to produce more than 40,000 electric vehicles a year as well as EV batteries. Having free access to European and African markets, the most populous Arab nation can also leverage its strategic geographic location and huge market potential to become a regional hub for exporting self-manufactured vehicles. The Egyptian government offers various incentives including tariff and tax breaks to encourage foreign companies to set up production locally, which in turn brings in advanced insights and expertise for EV manufacturing. Egypt has witnessed booming sales of EVs. Electric cars increased from the beginning of July 2021 until the end of June 2024, raising the total number of licensed electric vehicles to 7,213, with BYD as the second best-selling car brand, according to the data. Several European and Asian brands have already signed up to establish assembly plants in Egypt, including those from China. Waleed Suleiman, the CEO of Spark EV Company in Egypt, is discussing with his Chinese counterparts plans to establish an assembly plant for Chinese EVs in Egypt. Experts from auto industry have also emphasized the need for EV infrastructure to keep up with the expansion plans. Shotlist: Cairo, Egypt - Nov 18, 2024: FILE: Cairo, Egypt - Date Unknown 1. Various of cityscape, traffic; Cairo, Egypt - Nov 18, 2024 2. Cars on display, seller, car trader and expert Mahmoud Khairy; 3. Cars on display; 4. SOUNDBITE (Arabic) Mahmoud Khairy, car trader and expert from Egypt: "Egypt, according to the prime minister, now has the capacity to produce half a million electric cars annually and the contracts signed with foreign firms so far will produce about 100,000 cars a year."; 5. Car on display, seller, Mahmoud Khairy; 6. SOUNDBITE (Arabic) Mahmoud Khairy, car trader and expert from Egypt (ending with shot 7): "The country will benefit from local production by being partially self-sufficient in vehicles. This means less expenditure on hefty import bills."; FILE: Cairo, Egypt - Date Unknown 7. Various of electric vehicle on display; 8. Vehicle interior; Cairo, Egypt - Nov 18, 2024 9. Various of CEO of Spark EV Company Waleed Suleiman talking with others; 10. SOUNDBITE (English) Waleed Suleiman, CEO, Spark EV Company: "The Chinese cars are very advanced, high quality, very reasonable price. When you compare it with European cars and American cars, it's far away. If not a better quality, it's the same quality, but when it comes to price, it's much much lower than the other ones, and that's why people tend to go and buy Chinese cars."; 11. Owner of Alienz Auto Ahmed Zain in office, talking with people; 12. SOUNDBITE (Arabic) Ahmed Zain,owner, Alienz Auto: "The number of recharging points increase gradually, covering main roads and highways and we are building new ones daily.There are 8 companies licensed to establish charging points."; FILE: Cairo, Egypt - Date Unknown 13. Various of workers on automobile production line. [Restriction - No access Chinese mainland]