GB Auto (AUTO.CA), Egypt’s biggest listed automobile company, has more than doubled capacity at its Prima plant where it assembles cars for Hong Kong-based Geely Automobile Holding.
The biggest car importer and distributor in the Middle East and North Africa, which controls a third of the Egyptian car market, said on Monday the plant can now assemble 70,000 cars a year, up from 30,000 cars.
GB Auto signed a deal in February under which it will assemble cars using kits supplied by Geely.
Chief executive Raouf Ghabbour said in March the Geely deal would allow GB Auto to fill a gap in the market for cars costing 60,000-70,000 Egyptian pounds ($9,800-$11,500).
“The facility has already produced the first locally assembled Geely Emgrand 7 models,” the company said on Monday. ($1 = 6.0980 Egyptian pounds)
Reuters
