This comes on the back of a recent Consumer Protection Agency directive to dealers to provide full refunds of down payments with 18% interest
Local media has been abuzz as global supply chain issues continues to affect the local automotive industry, citing industry sources saying a number of international car brands have decided to redirect inventory bound to Egypt to other markets.
Sources reported up to 8 international auto brands as pausing car exports to Egypt, pointing towards the country’s decision to move importers to letters of credit instead of the longstanding process of documentary collection to import goods.
Local media did not reveal the names of these brands.
They stated that these brands are backing off from Egypt due to a combination of a constricting global auto market and delays opening letters of credit (L/Cs), directing their products to other countries that are able to absorb the extra merchandise.
According to Al Mal, one of the European car dealerships, which holds the largest share of the middle segment, said that most foreign companies stopped supplying their shares to their agents in Egypt during the past two months, explaining that the parent companies fully understand the current economic situation.
This comes on the back of a recent Consumer Protection Agency directive to dealers to provide full refunds of down payments with 18% interest to customers who had placed orders before April 12th, with that anyone who purchased a vehicle prior to 12 April would be protected from any subsequent price hikes.
