Russia to launch major EV project in Egypt

Egyptian real estate major GV Investments and Russian electric vehicle producer Concordia have struck a deal for the construction of a plant to produce EV components in Egypt, the Russian company announced on its website on Thursday.

Moscow-based Concordia makes off-road EVs, tourist buses, golf carts, utility vehicles, and trucks. According to the company, GV Investments will provide “comprehensive support” for Concordia’s project, allocating land, building the plant, and facilitating production operations.

The factory will be built in Giza’s Tarboul Industrial City, an industrial zone designed by GV Investments, six kilometers southwest of Cairo, and will produce a wide range of components for electric cars, including batteries.

“Tarboul Industrial City, housing the new factory, stands as a vital hub for innovation and technology, offering advanced technological capabilities and immense opportunities for investors across sectors,” said Sherif Hamouda, chairman of GV Investments.

He emphasized the company’s “strong commitment” to boosting strategic cooperation between Egypt and Russia.

Production is scheduled to start in the second half of this year, with a capacity to manufacture up to 5,000 units annually. Some 60% of the components used by the factory will reportedly be locally sourced.

According to Concordia, the factory will export its products to Gulf countries and North Africa, contributing to economic development in the region.