Raya Holding C. is arranging to assemble electric cars in Egypt next year as the company plans to expand its operations in the country.
Raya Auto’s chief executive Tamer Abdul Aziz said on Wednesday that the company will cooperate with Japanese company of Daihatsu Motor to assemble the electric cars.
Abdul Aziz added that the company is negotiating with three partners, one of them is from Indian and the other two are from China, to participate in assembling their products in Raya factories.
The company has allocated EGP100 million as initial investments and will double them to 400 million pounds over the next three years, he added.
“The number of electric cars have risen to 3.1 million,” said Mr. Medhat Khalil, Chairman of the Board of Directors of Raya Holding.
Medhat added that, China is the largest market for electric power cars, with nearly 580,000 electric cars sold.
This figure is expected to triple by 2020. By 2030, the number of electric vehicles is likely to rise to 125 million, according to IEA report .
Contributed by: Mohamed Emad