BRICS agreements to have major impact on car prices in Egypt: Official

CAIRO - 29 October 2024: A major breakthrough in the automotive sector is expected after Egypt officially entered the BRICS, and signed many agreements that will in turn revive various industrial and commercial sectors.

 

For his side, Khaled Saad, the Secretary-General of the Automobile Manufacturers Association and member of the Automobile Committee of the Federation of Chambers of Commerce, expected that the current year 2024 will witness a major breakthrough in the Egyptian economy in general and the automotive sector in particular.

 

Saad further expected that the "BRICS" agreement to have a major impact on car prices, advising people to postpone their decision to buy a new car. 

 

Saad explained that there was a noticeable increase in the percentage of "assembled" cars locally last year 2023, explaining that this is due to the scarcity of "imported" cars due to the reduction of agents' shares from various parent companies. 

 

He also expected that the local market will witness a strong breakthrough, especially with the entry of many Chinese brands that suit different customer segments in Egypt.

 

The sales of locally assembled vehicles recorded the sale of about 4,790 units during the first half of 2024, according to the AMIC report, the Automotive Market Information Council.