On a quarterly basis, sales of passenger cars declined by 26.2% to 37k in Q2 of 2022 from 60.2k in Q2 2021
Automotive sales continue to fall according to the latest Automotive Information Council (AMIC) data. June saw passenger car sales drop by 35.2% to around 12.3k compared to 2021’s 19.05k, with the signs pointing to continued economic challenges and import restrictions as factors.
Although June saw a slight uptick from May’s 11.8k sold passenger cars, this is still the 4th consecutive month that auto sales have dwindled on annual basis, with the Egyptian passenger car market falling 8.3% year-on-year to sell 92.6k cars during H1 of 2022.
On a quarterly basis, sales of passenger cars declined by 26.2% to 37k in Q2 of 2022 from 60.2k in Q2 2021.
In a separate report from the end of June, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed the passenger car imports fell during Q1 2022, declining by 19.1% to hit $787.99 million in value compared to about $974.75 million during the same period in 2021.
Bus sales saw drops of 28.3% to 1.6k vehicles, while truck sales declined by 16.9% to 4.1k vehicles.
The industry’s slowdown can be attributed to import restrictions, rising inflation, the EGPs continued fall against the USD, as well as the new regulations relating to letters of credit that have made it harder for importers to bring in certain goods including vehicles.