The Holding Company for Metallurgical Industries signed a understanding memorandum with Malaysian automotive company 'Proton' to discuss the cooperating possibility in the development of El-Nasr Auto Company.
Proton's team recently visited the factory and showed interest in the partnership and promised to conduct a feasibility study.
Proton Firm
Meanwhile, the Metallurgical Industries Company signed a similar agreement with Nissan firm on March, to manufacture and assemble it's cars in the local market and develop production lines.
The initial study for partnership will last for three months, according to Hisham Tawfiq, Minister of Business in Portfolio Egypt 2019 conference, held on 19 March. Tawfiq said the Nissan agreement includes the manufacture of new cars with a local component over 40% and export a part to the neighboring markets.
He explained that the partnership goal is to export between 40 and 50 thousand cars annually.
Nissan to develop production lines
El Nasr Auto was established in 1960, with a production worth 384,000 vehicles by the end of 2009. The General Assembly decided in the same year to reverse the liquidate decision. The company owns land area of 114 acres, the majority is not exploited, and 150 employees between technician, engineer and worker.
Minister of Business in Portfolio Egypt 2019 conference
*Proton's Sales
Proton was founded on May 1983 as the "Perusahaan Otomobil Nasional"otherwise known as "PROTON". Approximately 70% of the company was state owned, more specifically by the "Heavy Industries Corporation of Malaysia and 30% sold to the "Mitsubishi Motor Corporation.
However, Malaysia did undergo something of a revolution after Proton was formulated in the 1980s, with it's main impact largely being felt in the 1990s.
Proton managed to export its cars to 28 countries. However, one of the most pertinent issues today surrounding Proton is the use of foreign imported vehicle parts, which make the cars far more expensive than the company would like.
Proton's Sales
Proton made $2.48 billion dollars in sales in 2003 with profits amounting to $301 million dollars, followed by 2004; $1.72 billion dollars with profits amounting to $139 million dollars, 2005; $2.3 billion dollars with profits amounting to $220 million dollars, 2006; $1.4 billion dollars with losses amounting to $177 million dollars, and 2007; $1.69 billion dollars with profits amounting to $55 million dollars.
Between 2006 and 2011 however, Proton managed to recover some of it's losses increasing it's share to some 29% from 24%.
El Nasr Auto
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