The Middle East’s biggest automaker, GB Auto, says that it is close to reaching an agreement with a new production partner to replace Hyundai when their current deal expires in 2013.
The independent Egyptian car and commercial vehicle manufacturer failed to agree a deal with Indian manufacturer TATA last year but says that says it hopes to announce a new contract with an as-yet-unnamed Asian manufacturer in the first quarter of 2012.
While forecasting a fourth quarter revenue of $335 million, CEO Raouf Ghabbour said the company is in discussion with a number of companies regarding a range of new deals including the importing and distribution of light commercial vehicles, agricultural equipment, tires and construction equipment.
Ghabbour added that Hyundai supply “constraints” to Egypt are impacting sales but he expects sales in the increasingly important Iraq market to remain stable.