Raya Auto, a subsidiary of Raya Holding for Financial Investments, has partnered with Shift EV, a battery manufacturer and electric car converter. Raya Auto’s light electric vehicles will use locally made lithium-ion batteries from the cooperation.
The region’s first such agreement supports Egypt’s localisation of electric transportation technologies. The partners hope to expand their partnership to include more electric vehicle items soon.
Mohamed El Naggar, CEO of Raya Auto, emphasized the company’s commitment to delivering high-quality electric transportation products. He noted that the collaboration with Shift Ev would significantly enhance the performance, quality, and functional capabilities of their products, highlighting the importance of locally manufactured batteries in supporting their electric vehicles.
Founded in 2018, Raya Auto is a frontrunner in electric vehicle solutions in Egypt, producing thousands of cars a year from its local facilities. Moreover, the business provides post-purchase services via its nationwide network of centres.
Read also- Egypt-Based MNT-Halan Acquired with Tam Finans
In partnership with global leaders in the industry, Raya Auto makes investments in vehicle assembly and the launch of electric car technology solutions in the Egyptian market. The company’s goals are to lower carbon emissions, encourage the usage of electric vehicles in Egypt, and support sustainability by offering dependable, eco-friendly, and effective transportation options.
Read also- Egypt-Based Educatly has Raised $2.5 Million in New Round Funding
Shift EV is the biggest battery producer in the Middle East and North Africa, specialising in the conversion of internal combustion engine vehicles to electric power. The company, which has a 500 megawatt-hour yearly battery production capability, was formed by professionals in both batteries and autos. Algebra Ventures and Union Square Ventures are two prominent investors in Shift EV.
Ali El Taib, co-founder and CEO of Shift EV, highlighted the significance of this partnership in achieving a shift towards electric transportation solutions in Egypt. He expressed his satisfaction with establishing the first industrial partnership of its kind in the Middle East and North Africa, viewing it as a strategic step for Shift EV and emphasizing their commitment to innovation and complete industry localization.
It’s important to note that Raya Auto and XPENG just formed a strategic alliance to produce a line of cutting-edge electric cars with European standards in the first half of this year. With this collaboration, Raya Auto and Shift EV are advancing clean technologies and local manufacturing in Egypt, promoting sustainable growth and lowering dependency on fossil fuels.
About Shift EV
Shift EV, an electric mobility startup, aims to electrify emerging market fleets one decade sooner.
About Raya Auto
Raya Auto began its mobility solutions business by building and selling international modern vehicles in Egypt.
