CAIRO – 1 May 2024: In March 2024, Egypt witnessed a decline in its automotive sales. Only 4.2k vehicles were sold, marking a decrease of 43 percent compared to the previous month. This information was released by the Automotive Marketing Information Council (AMIC).
The primary reason behind this decline was a drop in passenger car sales, which saw a 53 percent decrease month-over-month, with only 2,800 units sold throughout the month.
Truck sales also experienced a decline of 10 percent compared to the previous month, with a total of 920 units sold. However, bus sales remained unchanged at 522 units.
In terms of year-over-year performance, automobile sales in March experienced a decline of 37 percent. This was primarily driven by a decrease of 41 percent in passenger car sales.
Additionally, bus sales saw a decline of slightly over 18 percent, while truck sales experienced a decrease of approximately 32 percent compared to the previous year.
On a positive note, distributors saw a recovery in auto sales during February, with a month-on-month rebound of 20 percent, amounting to approximately 7.4k vehicles sold. This rebound followed a low point in January, which lasted for ten months.
Regarding the highest-licensed and insured car brands in Egypt during March 2023, the latest report from the Egyptian Compulsory Insurance Association identified Hyundai, Kia, Mercedes, MG, and Toyota as the leading brands.
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