Russian EVs producer Concordia to set up manufacturing factory in Egypt

Concordia, a Russian manufacturer of electric vehicles (EVs), will set up an EV components manufacturing factory in Egypt as part of deal with real estate developer GV Investments.

Per the partnership, GV Investments will provide the plot of land needed for the project and construct the factory, reports say.

The future factory is expected to have a production capacity of up to 5,000 units, with local inputs of EVs’ feeding components of 60% of total inputs.

The project aims to export the products to the Gulf countries and North Africa to boost the economic development in the region.

Concordia will start production by the second half of 2024.