GB Auto raises cars prices under obsolete vehicles replacement initiative

ArabFinance: GB Auto (AUTO) has raised the prices of three models by EGP 7,100 to EGP 20,000 under the obsolete vehicles replacement initiative, the initiatives spokesperson Ahmed Abdel Razeq told Al Borsa Newspaper.

These models are namely Hyundai Elantra HD, Hyundai Accent RB, and Chery Tiggo 3, Abdel Razeq pointed out.

This came after GB Auto has submitted a request to the Ministry of Finance seeking to raise the prices of its cars due to higher prices of production components and higher shipping costs over the past period, he said.

The request has been reviewed and accordingly the prices have been raised and updated on the initiatives website, he added.

The prices of Hyundai Elantra HDs first category AT GL recorded EGP 239,250, while the prices of the second category AT SR recorded EGP 246,250 and the third category AT DAB ABS reached EGP 259,250, with the fourth category AT Highlines price rising to EGP 263,250.

Moreover, the price of the first category AT GL of Hyundai Accent RB rose to EGP 214,250, and the second category AT SRs price hit EGP 224,250, while the prices of the third category AT DAB ABS and the fourth category AT DAB Plus increased to EGP 230,250 and EGP 240,250, respectively.

Meanwhile, the price of the first category of Chery Tiggo 3 under the initiative rose to EGP 236,000 from EGP 231,150.

Additionally, Abdel Razeq revealed that Al-Mansour Automotive Company, the agent of Chevorlet cars in Egypt, has not taken any decisions regarding raising the prices of its cars since the launch of the initiative in April 2021.

GB Auto is an Egypt-based automotive that operates in trading, distributing, and marketing of all transportation means, including heavy trucks, semi-trucks, passenger cars, buses, agriculture tractors, and pick-ups.