Chinese electric vehicle (EV) manufacturer, Chery, has announced a $20 million investment in Kenyan auto dealer, Afrigreen Automobile.
The partnership aims to establish an EV assembly plant in Nairobi, a move projected to boost Kenya’s green transportation initiatives and create thousands of jobs.
According to Nishant Mishra, Afrigreen Automobile’s Global Head of Future Mobility, the assembly plant will commence operations within a month and is expected to produce between 5,000 and 6,000 EVs annually.
The vehicles will target both the Kenyan and wider COMESA markets.
The Principal Secretary for Investments, Trade, and Industry, Abubakar Hassan Abubakar, emphasized the venture’s positive impact on Kenya’s transport sector.
With a current EV fleet of approximately 4,000 against a total car population of 1.7 million, the assembly plant is seen as a crucial step towards a greener future.
The deal marks another significant entry of Chinese EV firms into the Kenyan market. Earlier this year, Chinese EV maker NETA invested in Moja EV Kenya, with plans to assemble 250 EVs monthly.
This development underscores Kenya’s growing interest in electric mobility and its potential to contribute to the country’s economic growth and environmental sustainability.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Roboost, a pioneering AI-powered logistics startup, has secured a $3 million investment round.
Techstars Toronto, a renowned accelerator program, has announced its 2023 summer cohort.
South African startup Omnisient has secured $7.5 million in Series A funding to accelerate its growth and expand its privacy-preserving data collaboration platform across Africa and beyond.
© 2021 Empower Africa. All rights reserved.