The fall in sales comes against the continued economic challenges and import restrictions
Passenger car sales fell by more than 22% year-on-year (YoY) in May 2022, hitting 11.8K vehicles. This marks the 3rd consecutive month that passenger car sales have dropped, revealed data by the Automotive Information Council (AMIC).
The automotive industry has been dealing with more problems since the Russia-Ukraine conflict began which exacerbated an already difficult time for the industry; challenges include a lack of financing for imports and import restrictions, surging inflation, parts shortages, and the EGP devaluation.
Total vehicle sales had the most significant declines back in April, recording a 25% YoY fall with March seeing a 9.4% drop YoY.
Earlier this month, the Central Agency for Public Mobilization and Statistics (CAPMAS) released data explaining that passenger car imports fell during Q1 2022, declining by 19.1% to hit $787.99 million compared to about $974.75 million during the same period in 2021.
In May, bus and truck sales saw a slight recovery, but were still in a decline, with truck sales down by 10.6% YoY to 3.5K and bus sales dropping 1.9% YoY to 1.8K. Back in April, truck sales fell by 38% YoY and bus sales dipped 40% YoY.