Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

GB Auto to Sell Geely Cars in North Africa, Build in Egypt

Feb. 21 (Bloomberg) -- GB Auto, the biggest independent car assembler in the Middle East, said it signed an agreement with Geely Automobile Holding Ltd. to assemble the Chinese passenger cars in Egypt and distribute them in North Africa.

The Cairo-based automotive company will sell Geely passenger cars in “select high-growth markets across North Africa,” it said in an e-mailed statement today. It will start by selling two models in Egypt in the second quarter and assemble vehicles starting in the third quarter. GB Auto will continue to build Hyundai Verna models, it said.

“We selected Geely after an exhaustive global search,” GB Auto’s chairman and chief executive officer Raouf Ghabbour said in the statement. Geely products offer “the best value for money in a critical segment that meets our consumers’ needs and expectations.”

GB Auto has been assembling variations of the Hyundai Accent, a four-cylinder sedan, in Egypt since 1995. That agreement is due to finish at the end of 2013, Ghabbour said in November. The company had about a 32-percent share of the Egyptian passenger car market in 2011.

Shares of GB Auto gained 0.9 percent yesterday to 23.61 Egyptian pounds, bringing their gain this year to 13 percent. That compares with a 42-percent climb for the benchmark EGX 30 Index.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.