Forthing EVs and Hybrids Ready for Egypt's Scrappage Program, Says El Amal Chairman

Amr Soliman, Chairman of El Amal Automotive, the local distributor for Forthing in Egypt, has confirmed the company's full readiness to join the anticipated vehicle scrappage program. The statement came during an exclusive interview, where he asserted that the brand's electric and hybrid models will be part of the offering once the initiative kicks off.

Ready to Roll from Day One

The new program is still under study. Soliman clarified that the relevant authorities have yet to finalize the initiative's details, including the mechanisms and benefits available to citizens. But he emphasized that Forthing vehicles will secure their place in the program from its very first day, viewing the initiative as a golden opportunity for automakers operating in the Egyptian market, especially with the possibility of including electric and hybrid models within its scope.

The El Amal chairman noted that the company awaits the official announcement of all program details, particularly regarding financial support, incentives, and financing mechanisms, before making a final decision on participation methods and the format of the brand's market offerings.

Installment and Subsidy Details Remain Murky

Many key points remain unresolved. Soliman confirmed that the installment period, financing mechanism, and the scope of facilities the Ministry of Finance might offer are all elements still under discussion and careful study by the competent authorities.

The bigger question revolves around the fate of subsidies. He added that determining interest rates and how they are calculated represents one of the thorny files not yet closed, alongside the status of electric and hybrid vehicles regarding potential tax exemptions and advantages under the new program, and whether it will mirror what the government offered in the previous initiative or not.

Strong Incentives Are a Prerequisite

Electric and hybrid cars aren't exactly budget-friendly options. Soliman stressed that this vehicle category comes with prices that aren't low, making the existence of robust government incentives and support a decisive factor in their effective participation within the new scrappage program. He added that the inclusion of Forthing electric and hybrid vehicles in the program will be heavily tied to the final shape of state incentives, especially given that the high prices of this category necessitate clear governmental backing to achieve the desired market penetration and encourage citizens to take the leap.