By Profiley
Al-Mansour Automotive Company and General Motors (GM) today signed a Memorandum of Understanding (MoU) for joint cooperation on future growth opportunities.
The MoU provides a framework for the two companies to explore: potential investment in relevant Egyptian start-ups to contribute to future mobility solutions; proposals to expand the manufacturing of spare parts and allied products for domestic and export markets; and the possibility of local production and assembly of Battery Electric Vehicles (BEVs), including engagement with the Egyptian Government agencies and related institutions around requirements for EV readiness in the market.
The MoU was signed by Ankush Arora, CEO, Al Mansour Automotive Group and Luay Al-Shurafa, President and Managing Director, General Motors Africa and Middle East; and it was attended by Steve Kiefer, GM Senior Vice President and President of GM International; Mohamed Loutfy Mansour, Chairman of Al-Mansour Automotive Group; Tarek Atta, Chairman and Managing Director of General Motors Egypt and North Africa.
“Al Mansour Automotive has been in the forefront of the automotive industry in Egypt over the last 46 years, and leading its growth,” said Mohamed Mansour, Chairman of Al-Mansour Automotive Group.
“As the global automotive industry is undergoing a major transformation supported by disruptive innovation, the MoU signed with General Motors is a testament of our joint commitment to bolstering the Egyptian economy through its strong manufacturing history and supporting new startups & young entrepreneurs developing solutions for a better future,” he added.
Steve Kiefer, GM Senior Vice President and President GM International said the partnership between GM and Mansour Automotive continued to be one of GM’s most important strategic global relationships.
“Together we have delivered over 1 million vehicles to customers in the region, and Chevrolet has led the Egypt market for 14 consecutive years since the inception of our joint venture,” said Kiefer.
“GM is transforming into a platform innovator globally, as we invest USD 35 billion through 2025 in electric and autonomous vehicles, in pursuit of our vision of a world of Zero Crashes, Zero Emissions and Zero Congestion” Kiefer added.
“Partnerships like those between our two companies are just so important to these key investments and others that are driving GM’s global growth strategy.” Kiefer added.
The MoU signed today is a continuation of partnership between the two companies spanning five decades, dating back to the establishment of Mansour Automotive Company in 1975, the same year when it was appointed the official GM dealer in Egypt.
Within five years Al Mansour became one of the largest automotive dealers in Egypt. In 1983, GM and Al Mansour with other shareholders established a joint stock company. Mansour was granted exclusive distribution rights for GM brands and products in Egypt and the companies’ customer network expanded to 46 showrooms and 34 service centers nationwide in 2001.
Today, Al-Mansour Automotive Group has more than 1,500 employees, all of whom are working on achieving the company’s strategic goals including annual production plans, market share and quality standards.