Egypt’s vision towards a greener future: Shahid Law Firm proudly represents El Nasr Automotive in the first-ever Electric Vehicles manufacturing project in the country!
Shahid Law Firm is pleased to have acted for El Nasr Automotive Manufacturing Company (“NASCO”), in the landmark ‘Electric Vehicles (EVs) manufacturing and assembly project’ in collaboration with the giant Chinese automobile manufacturer ‘Dongfeng’. The project marks the country’s first steps towards reducing cars’ emissions and fossil fuels dependency, making Egypt one of the first countries in the region introducing a battery-powered vehicles market.
The Firm supported NASCO in the extensive negotiations with Dongfeng’s affiliates, leading to the signing of two milestone collaboration agreements. The framework agreement sets out the guiding principles for the bilateral partnership between the two parties, while the second agreement aims at renovating one of NASCO’s affiliated factories in cooperation with one of Dongfeng’s subsidiaries.
The project aims at manufacturing 25,000 cars per year, with 45% locally produced components, targeted to be increased to reach 58% within a couple of years timeline. The first EV’s assembly line is targeted to be installed in Q2-2021, with a value estimated at EGP 2.5 Billion.
Working on this project was led by Senior Associates Asmaa Badawy and Mohamed El Mahdy and supported by Shahid Law Firm’s Managing Partner Girgis Abd El-Shahid.
