Cairo – October 10, 2024: In contrast to a jump in sales of 25 percent year-on-year, Egypt’s auto sales in August fell 12 percent month-over-month, recording just 10,000 vehicles sold, down from 11,400 in July, according to the Automotive Marketing Information Council (AMIC), largely attributed to a significant drop in passenger car and bus sales.
On a yearly basis, August sales were fueled by a 33.9 percent year-over-year rise in car sales and a 22.0 percent increase in bus sales.
August 2024’s declining sales marks the first drop in total vehicle sales after five consecutive months of increases since the industry’s dramatic 43 percent decline in March, when the AMIC reported only 4,200 vehicles sold—the lowest since AMIC began tracking sales in January 2019.
Passenger car sales fell 14.4 percent, totaling 8,300 units sold in August, while bus sales dipped slightly to 604 vehicles, down from 643 in July. Conversely, truck sales saw a minor increase, rising to 1,100 from 1,000 in the previous month.
Truck sales experienced a 16.3 percent decline compared to last year.
Egypt’s automotive industry is seeing a revived trend in investments, with the government’s push for localization, along with Egyptian International Motors and Stellantis pledging major investments in the local auto sector earlier this month.
Egyptian International Motors plans to invest some $100 million in its vehicle manufacturing business — assembling, marketing, and exporting vehicles – with an aim to export around 105,000 cars worth some $1.3 billion over the next five years.
Automotive player Stellantis is planning to invest €116 million into the local manufacturing of four new vehicle models, and is looking into working with a local company to produce three-wheeled electric vehicles.
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