Cairo – Mubasher: Ghabbour Auto (GB Auto) is looking to build a new factory for manufacturing motorcycles and the tuk-tuk or "auto rickshaw" in Ain Sokhna next year.
The new factory is set to commence production in 2020, the company’s chairman and managing director Raouf Ghabbour told Bloomberg News.
Most of the production will be earmarked for export, he added, noting that Eastern Africa will be the main market.
He has not revealed the sum of investments projected to be pumped into the project.
In December 2016, the Egyptian automotive producer announced it was planning to establish a factory for manufacturing motorcycles at the Suez Canal’s economic zone with $60 million in investment.
Ghabbour expected automobile sales to improve during 2019, pointing out that the company aims to resume selling cars of the Chinese manufacturer Geely this month, which will push GB Auto’s sales by 40% this year to reach 140,000 cars and to hit 180,000 in 2019.
GB Auto previously posted it turned to profitability in the first half of 2018, recording a net consolidated profit of EGP 180.5 million, compared to EGP 305.5 million in loss in H1-17.