Russia to launch major EV project in Egypt

A Moscow-based electric car producer is set to build a components plant in Giza

Egyptian land major GV Ventures and Russian electric vehicle maker Concordia have hammered out an agreement for the development of a plant to create EV parts in Egypt, the Russian organization declared on its site on Thursday.

Moscow-based Concordia makes rough terrain EVs, traveler transports, golf trucks, utility vehicles, and trucks. As per the organization, GV Speculations will give “exhaustive help” for Concordia’s undertaking, designating land, fabricating the plant, and working with creation tasks.

The plant will be underlying Giza’s Tarboul Modern City, a modern zone planned by GV Ventures, six kilometers southwest of Cairo, and will deliver a large number of parts for electric vehicles, including batteries.

“Tarboul Modern City, lodging the new plant, remains as a fundamental center point for development and innovation, offering progressed mechanical capacities and tremendous open doors for financial backers across areas,” said Sherif Hamouda, director of GV Ventures.

He stressed the organization’s “solid responsibility” to supporting vital collaboration among Egypt and Russia.

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