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Egyptian industrial developer GV Investmentshas partnered with Russian EV manufacturer Concordia to establish an EV components manufacturing plant in Egypt, Arab Finance reports, citing an emailed press release. It is unclear from the statement which components will be manufactured. Operations are expected to start in 2Q 2024, and the products will be exported across the Gulf and North Africa
The details: GV Investments will be responsible for providing the land as well as constructing the factory, which is set to have a production capacity of 5k units of the EV components. The company will implement a 60% local component quota in the manufacturing process of the units.
Not GV’s first green project: Qatar’s Gulf Organisation for Research & Development and GV Investments signed an MoU last April to implement Global Sustainability Assessment System standards for Tarboul Industrial City — the largest Egyptian industrial city covering an area of 109 mn sqm. The developer has also set aside an area of 500k sqm to build ready-made industrial complexes for medium and small-sized projects in the city.
About Concordia:Concordia is a Russian electric car manufacturer specializing in producing EVs for off-road use, passenger transportation, and various cargo needs, the company states on its website.Concordia serves as the exclusive distributor of the LvTong New Energy plant in the Eurasian Economic Union.
IN OTHER REGIONAL EV NEWS- Morocco to become a regional battery hub: Morocco has so far shored up USD 700 mn in EV battery cathode investments from Chinese companies, USD 490 mn of which came from Chinese EV supplier BTR New Material’s lithium battery cathode project announced last month, Morocco World News reports, citing a report by Benchmark Minerals Intelligence. The investments made so far are enough to meet a quarter of Europe’s projected demands.
More on BTR’s project: The lithium battery cathode project — to be carried out in phases — will have a production capacity of 50k tons annually, and will be located in Tangier Technopark City within Morocco’s Tangier Province. Initially, BTR had announced in April plans to invest USD 1.2 bn to establish the new facility, with the production earmarked for the US given BTR’s contract to supply components for Tesla. The timeline of the project was not disclosed.
And more: Chinese battery minerals producer Zhejiang Huayou Cobalt was exploring a USD 20 bn electric vehicle battery plant in Morocco in August. China’s battery giant CNGR Advanced Material Company teamed up with Morocco-based pan-African investment fund Al Mada in September to build a USD 2 bn industrial base for battery parts production and recycling in Morocco. Global tech giant ABB Group also signed an MoU last month with Chinese EV battery manufacturer Gotion High-Tech to help build its EV batteries gigafactory currently under study in Morocco.
