GB Auto’s assembly unit Itamco submitted a bid to set up an industrial services zone in Sadat City, the automaker said in a statement to the stock exchange.
Meanwhile, investment firm CI Capital said that GB Auto would focus its efforts on the Hyundai passenger car segment, as well as represent other passenger car brands, such as Mazda.
GB Auto targets a limited segment of commercial vehicles, excluding microbuses and pick-up trucks.
The brokerage said that GB Auto produced Hyundai commercial vehicles until fiscal year 2009. Starting fiscal year 2010, the company decided to limit its commercial vehicle brands to Mitsubishi and Volvo vehicles as it considers its position for both manufacturing and distributing Hyundai commercial models.
Egyptian International Motors (EIM) announced its cooperation with South Korean Hyundai Motors, whereby it would be the sole authorized agent for that company’s commercial vehicles (buses and trucks) in Egypt, CI Capital said.
