During the first nine months of 2022, car sales fell by 23.5% to reach around 159.8k units, compared to 208.9k units in the same period in 2021
Automotive sales plummeted 49.8% year-on-year (YoY) in September 2022 to around 11.4k units, revealed the latest report by the Automotive Information Council (AMIC). The automotive market continues to struggle with import restrictions and a shortage of foreign currency.
During the first nine months of 2022, car sales fell by 23.5% to reach around 159.8k units, compared to 208.9k units in the same period in 2021.
Private car sales declined by 24% with the sale of 117k units during the first nine months of 2022, dropping 58.9% in YoY in September, selling around 6.8k units. July saw a 50% year-on-year decline in private car sales to record 8.9K vehicles.
Truck sales saw a drop of 21% to reach 29.6k units during the period of January – September, compared to around 37.5k units in the same period in 2021. Bus sales decreased by 24.9% to 13.2 thousand units, compared to 17.5 thousand vehicles in the same period of the previous year.
Egypt’s House of Representatives recently approved new legislation to establish the Supreme Council for the Automotive Industry, a new regulatory body set to govern and help enhance the local industry.
As part of efforts to accelerate import procedures, the Letters of Credit system was announced to end within the coming two months during the Egyptian Economic Conference.
