The Clap
A shareholders’ agreement to establish the first company specialized in the distribution & sale of electric vehicles (EV) in Egypt has been made.
The deets
The agreement was made between Al Nasr Automotive Company & the National Automobile Company (NATCO). The new company will sell, distribute & provide after-sales services, maintenance, & warranty for EVs. It will also provide financing & insurance solutions for its EVs.
Al Nasr Company is expected to start EV production in Egypt by 2023, to which the new company will be the sole distributor.
The new company will have an issued capital of EGP 500 million, with Natco owning 76%, & Al Nasr owning 24%.
