El Nasr Automotive Manufacturing Co has signed an agreement with the National Automotive Company (NATCO) to establish the first electric vehicle distributor in Egypt with an issued capital of EGP 500 million.
The signing ceremony was attended by the Egyptian Minister of Public Business Sector, Hisham Tawfik, according to a statement on Wednesday.
NATCO will own a 76% stake in the new company, while El Nasr Automotive will hold a 24% stake.
The new company will be the only distributor of locally-manufactured electric vehicles, which will be produced by El Nasr Automotive in 2023, alongside the imports from international companies.
The electric vehicle distributor will also provide after-sales, maintenance, and warranty services as well as financing and insurance solutions.
