Jetour T1 and T2 to be assembled in Egypt with $123 million investment
Establishing a new factory with 3 production lines for welding, painting, and final assembly in 6th of October City.
Prime Minister Dr. Mostafa Madbouly witnessed, this evening at the government headquarters in the New Administrative Capital, the signing ceremony of an agreement between the global automotive company Jetour and the Kasrawy Automotive Group to enhance cooperation between the two parties in the field of manufacturing and assembling the Jetour T1 and T2 models in Egypt, with investments estimated at $123 million. The agreement was attended by Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport.
The agreement was signed by Dai Leong, President of Jetour International Motor Company, and Mohamed El Kasrawy, Chairman of El Kasrawy Automotive Group.
The Prime Minister stated that the agreement signed today is a new and important addition to the automotive industry's localization efforts, as it will see two new models manufactured and assembled by a global company in the Egyptian market. He noted that this agreement follows a series of similar agreements signed in this area over the past few months, confirming that the Egyptian state's automotive industry development strategy offers numerous incentives to global automotive companies.
The Chairman of Al-Qasrawy Automotive Group said that the agreement signed today comes within the framework of strengthening the existing partnership between the group and the international company Jetour. The two parties have agreed to manufacture and assemble the Jetour T1 and T2 models, in addition to enhancing cooperation between the two parties in the field of exporting Jetour cars from the Egyptian market to a number of markets.
Al-Qasrawi explained that the two sides agreed to establish a new factory comprising three production lines for welding, painting, and final assembly, with an investment of $123 million.
He added that the factory will be built on an area of 86,000 square meters in the industrial zone of 6th of October City. Its production will cover the local market, while a portion will be allocated for export. The factory will also provide approximately 1,500 job opportunities.
Al-Qasrawi revealed that the locally assembled X70 Plus was launched today, with an annual production capacity of 5,000 vehicles.
