Al-Amal Automotive, the agent for BYD and Lada brands in Egypt, is considering manufacturing electric cars locally. The company has already seen increased sales volume due to its participation in the replacement initiative. However, currency management challenges are affecting plans for new investments in electric car production.
Chairman Amr Suleiman urges the government to provide foreign currency support for local manufacturers and participants in presidential initiatives to ensure a stable supply of products in the domestic market.
Meanwhile, discussions are underway with companies participating in the initiative to develop electric cars. Five local companies offer competitively priced natural gas-powered vehicles, and efforts are being made to overcome challenges in expanding the initiative.
The replacement initiative, currently operational in 15 governorates, aims to provide citizens with new environmentally friendly cars, incentivized by scrapping old vehicles, with the general treasury subsidizing the green incentive for delivered cars.
