El Amal: Forthing EVs and Hybrids Ready for Egypt's New Scrappage Program

Amr Suleiman, head of El Amal Auto Company, the local distributor for Forthing in Egypt, said the company is targeting participation in the anticipated vehicle scrappage program. He confirmed that Forthing's electric and hybrid models would be ready for the program as soon as the government finalizes its implementation framework, a proactive step by the local agent to seize a unique opportunity in Egypt's automotive market.

Program details still under review

Suleiman revealed that the new replacement program remains under study, with final details yet to be confirmed. Relevant authorities have been reviewing the program's structure, citizen benefits, and execution mechanisms for quite some time. He added that El Amal will join the program from day one of its launch, describing it as a vital opportunity for car companies, particularly with the possibility of offering EVs and hybrids within the new initiative.

The company is awaiting announcements on final program specifics, especially regarding support, incentives. Financing, before setting its participation strategy. The numbers look encouraging for the entire sector. The previous program successfully removed thousands of aging vehicles from Egyptian roads in a short period, making it one of the most impactful initiatives in the local market over recent years.

Financing and installment terms unresolved

He further stated that many key program details have not been announced or finalized, including installment periods, financing mechanisms. The extent of facilities that the Ministry of Finance might provide. Whether the new program will receive support similar to the previous scheme remains an open question. Suleiman pointed out that determining interest rates and their calculation method is also still under study, along with the position of electric and hybrid vehicles regarding exemptions and benefits within the program.

The executive emphasized that electric and hybrid vehicles aren't low-cost cars, making strong government incentives and support a critical factor for their inclusion in the new scrappage program. He added that the participation of these vehicles will largely depend on the final shape of state incentives, especially since their higher prices could present a significant challenge for citizens looking to benefit from the government initiative.