EGYPT: New Mazda distributor signs up
Local firm GB Auto said on Thursday it had started an exclusive agreement to import and sell Mazda-branded vehicles in Egypt.
The company, Egypt's biggest listed automobile assembler, told Reuters the Mazda franchise would increase its share of the local passenger car market to around 30% from 27% now.
Tie-ups between automakers are being advanced as a survival strategy for the industry to cope with fragile demand and overcapacity during the global economic downturn.
"We will launch with the Mazda 3, which we will import completely built-up and bring to market in the second quarter of this year. This will be followed by the compact 2 [Demio in Japan] model," chief executive officer Raouf Ghabbour said in a statement.
Last October, it said it would form a subsidiary to help buyers purchase Bajaj vehicles on credit, a move that would help expand sales to lower income groups.
The firm booked a 64% drop in net income to 63.9m Egyptian pounds (US$11.76m) for the third quarter of 2009 but said it saw an upturn in the car market.
It also said in October it was eyeing raising 1bn pounds ($184.1m) through a five-year bond issue to fund regional expansion and new service centres in Egypt.
Mazda Motor, Japan's fifth largest automaker, said in October it expected an operating loss of JPY12bn($131m) for the year to March.
Its operating profit plunged 82% to JPY5.93bn for the July-September second quarter.
News last night that Mazda North American Operations, responsible for marketing, distributing and servicing the brand in the US, Canada and Mexico, has dumped long-serving agency Doner for WPP will re...
The low-cost car that the Renault-Nissan Alliance and India's Bajaj Auto will produce to rival the Tata Nano will be designed, sourced and manufactured by Bajaj and marketed in India and emerging mark...
Toyota Motor's Canadian unit said on Monday its June sales dropped 13.8% year on year while General Motors said Canadian sales rose 15.2%....
Taganrog Automobile Plant (TagAZ) is to start production of BYD vehicles next month according to Russian press reports....
June new vehicle sales in New Zealand continued on an upward trend with 5,786 cars (up 34% year on year) the highest monthly tally for 20 months....
Hyundai posted a third successive monthly decline in domestic sales in June, hitting a 10-month low in the face of tough competition in the absence of new models of its own....
In a departure from the norm of keeping new cars under wraps till their official launch, Indian manufacturers now not only showcase upcoming cars aggressively but also accept orders in advance....
Ford China booked record first-half sales of 301,524 units, up 53% from a year ago....
- COMMENT: The diminution of Fiat
- COMMENT: BMW & Mercedes battle over self parking
- Q&A: Volvo XC90 chief engineer Håkan Ivarsson
- RESEARCH SNAPSHOT: Review of front-end modules
- COMMENT: No wizards needed at US$100 a barrel
- Arrested Toyota executive quits
- JUST THE FACTS: 2016 Audi A4 first look
- UK auto sector delivering on growth
- VW plans low cost car family
- Infrastructure and logistics make Brazil costly
- Global light vehicle safety systems market- forecasts to 2029
- Magna International Inc. (MG) - Financial and Strategic SWOT Analysis Review
- Global light vehicle OE connectivity market- forecasts to 2029
- Global electric light vehicles market- forecasts to 2018
- Global light vehicle instrumentation and cockpits market- forecasts to 2029