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Chinese cars to flood Ghanaian market
GHANAIANS WITHIN the lower income bracket will soon begin enjoying quality first-hand Chinese cars at affordable prices.
This is in spite of the influx on the Ghanaian automobile market of second-hand imported cars, which recorded 25,000 last year.
Terence Darko, Managing Director of Mechanical Lloyd Company (MLC) Limited, who disclosed this in Accra recently when the company presented its "Facts Behind the Figures," to the Ghana Stock Exchange, said the decision was in response to demands from customers.
Mr Darko indicated that his outfit would not go for any poor quality cars as people might suspect but rather import robustly-manufactured Chinese vehicles guided by the reputation and performance of its BMW and Ford vehicles.
The Ghanaian auto importer and dealer announced also that it was giving up its franchise with British car maker Land Rover at the end of November this year due to low return on investment and competition from cheaper vehicles.
He said the Land Rover, a premium and expensive vehicle, was very difficult to sell, hence the decision, which had been communicated to MLC’s customers as well as shareholders.
MLC registered a 33 percent increase in profit-before-tax in the first half of 2008 from GH¢900,000 to GH¢1.2 million while its total assets recorded a 40 percent increase to GH¢22 million, from GH¢15 million. ($1=GH¢0.97)
Records from the automobile market, he continued, showed that there was growing sales of new and cheaper vehicle brands from China and India. Last year, as many as 8000 were sold.
This is in spite of the influx on the Ghanaian automobile market of second-hand imported cars, which recorded 25,000 last year.
Terence Darko, Managing Director of Mechanical Lloyd Company (MLC) Limited, who disclosed this in Accra recently when the company presented its "Facts Behind the Figures," to the Ghana Stock Exchange, said the decision was in response to demands from customers.
Mr Darko indicated that his outfit would not go for any poor quality cars as people might suspect but rather import robustly-manufactured Chinese vehicles guided by the reputation and performance of its BMW and Ford vehicles.
The Ghanaian auto importer and dealer announced also that it was giving up its franchise with British car maker Land Rover at the end of November this year due to low return on investment and competition from cheaper vehicles.
He said the Land Rover, a premium and expensive vehicle, was very difficult to sell, hence the decision, which had been communicated to MLC’s customers as well as shareholders.
MLC registered a 33 percent increase in profit-before-tax in the first half of 2008 from GH¢900,000 to GH¢1.2 million while its total assets recorded a 40 percent increase to GH¢22 million, from GH¢15 million. ($1=GH¢0.97)
Records from the automobile market, he continued, showed that there was growing sales of new and cheaper vehicle brands from China and India. Last year, as many as 8000 were sold.
