GB will assemble the cars from kits(配件) supplied by Geely (the Hangzhou-based carmaker that bought Volvo in a $1.5bn deal in 2010), and will sell the finished product in markets across North Africa, beginning with Egypt. The deal is ?one of several partnerships we will announce this year,” said GB’s chairman, Raouf Ghabbour, in a statement.
GB controls 32 per cent of the Egyptian selling car market, where it rose to success as the largest local assembler, importer and seller of cars from South Korea’s Hyundai. It is now the the Middle East’s largest car assembler. High tax on fully-assembled imported cars have encouraged a number of international auto brands, including BMW and China’s Geely, to have their vehicles put together in Egypt.
For Geely, the Egyptian deal is another step in efforts to push its products out across the world, after announcing last year that it would set up a production hub(轮轴)in Indonesia to target the fast-growing Southeast Asian market. The company plans on selling at least one model in the UK by the end of 2016.
While 2011 was a tough year for car sales (and pretty much everything else) in Egypt, the vehicle market is still a good prospect as a large and increasingly young population fuel long-term economic growth. GB says there are about 30 cars per 1,000 people in Egypt, compared to 128 in China and 109 in Morocco.
GB says the tuk-tuk?s popularity in Egypt?s rural inland and informal urban slums(贫民窟)made it less influenced by a slowdown in the passenger car industry.
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