China’s auto industry SAIC Motor and Egypt’s largest car sales company Mansour Automotive Group signed in Cairo a joint venture agreement to manufacture MG brand cars in Egypt, Xinhua reported.
Speaking at the signing ceremony, Chairman of SAIC Motor Chen Hong said his company has initially built an automotive industry chain that integrates research and development, manufacturing, marketing, logistics and finance into a global market.
“This time, the Mansour Group has joined forces. SAIC’s new products, technologies and models will be actively introduced into the Egyptian market to provide local people with more high-quality localized products and services,” he said.
The ceremony was attended by Shanghai Mayor Ying Yong, Chinese Ambassador to Egypt Liao Liqiang, Minister Counselor for Economic Affairs at the Chinese Embassy in Egypt Han Bing, and a number of Egyptian ministers and officials.
Ankush Arora, chief operating officer at Mansour Automotive, said the manufacturing of the cars will start in the next 12 months, adding they are currently setting up the assembly facilities.
He told Xinhua that his group signed a joint venture agreement with SAIC to become the Chinese giant’s exclusive distributor in Sub-Saharan Africa.
Last year, SAIC formed a joint venture with Mansour Group to promote MG brand cars in the Egyptian market, making the Egyptian company the exclusive distributor of MG’s products in the North African country.
“We are also unveiling the new MG ZS all-electric SUV … and it will be the first local electric vehicle in the market in Egypt. We will launch it in the coming five months,” Arora revealed.
The Chinese company achieved a total of 277,000 vehicle exports and overseas sales in 2018, up 62.5 percent year on year. Its net profits also rose 4.65 percent (US$5.36 billion) despite a decline in the country’s overall automobile sales.