National Automotive Company (NATCO) acquired around 33% of Electrified, a company offering online services for electric vehicles (EVs), according to Al-Mal News.

CEO of NATCO Yasser Saleh said that the acquisition deal is part of the efforts for supporting Electrified’s growth and expansion.

The deal comes in line with NATCO’s goals to become among the biggest companies specialized in all EV services, including manufacturing, sale, maintenance, spare parts, and financing, Saleh added.

He revealed that the company’s factory in west Port Said seeks to increase production capacity, adding that several memoranda of understanding (MoUs) were signed with three companies to receive a portion of the factory’s output.

Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).