Geyushi Motors in talks to buy EGP 200 mn auto plant

Egypt’s agent for China’s FAW Group, Geyushi Motors, is in talks to acquire an auto plant in 10 Ramadan City for EGP 200 mn, to begin assembling company models locally, a source close to the negotiations tells Al Mal. Operations at the 80k sqm facility, which would allow Geyushi to begin production almost immediately, had been halted in 2013. FAW had announced in early September its intention to build a minibus and pickup truck assembly factory that could serve the local market and also export to neighbors.