cars
Egypt's imports of passenger cars have declined recently, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
El Nasr Automotive Manufacturing Company is one of the important castles of industry and business sector in Egypt, he added.
A major breakthrough in the automotive sector is expected after Egypt officially entered the BRICS.
The investment minister held an extensive meeting with representatives of global car manufacturers, agents, and distributors to bolster Egypt's automotive industry on Tuesday.
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.
Overall imports dropped by 3.3 percent in June 2024 to $6.0 billion, down from $6.21 billion in the same month the previous year.
This marks the fourth consecutive month of increased sales, following a significant 43 percent decline in March
CAPMAS reported a significant increase in Egypt’s car imports recently, hitting $169.7 million in April, a leap from $92.8 million in April 2023, showing growth of about $76.9 million.
An online auction held by the traffic department of the Ministry of Interior for a “special” registration plate has amounted to more than L.E.2.5 million.
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.
This recovery follows a period of decline in January, which marked the lowest point in the past 10 months.
Egypt's imports of passenger cars amounted to $223.4 million in November 2023, exhibiting a growth compared to $107.3 million in the same month of 2022, with an increase of $116.9 million
This came during a panel discussion entitled,”Used and grey vehicle imports - the reality, the journey and the opportunity in a just transition”.
May 2023’s sales numbers reached 7.3 thousand, according to the latest data from the Automotive Marketing Information Council (AMIC)
The Egyptian government has attracted $500 million from expatriates as part of an initiative allowing them to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency.
Helwan University announced that the E-Rally team at the Faculty of Engineering in El-Matareya won many awards in the “Global Electric Vehicle Challenge” GEVC, which was hosted on the lands of the United Arab Emirates.
Expats will be required to invest the value of saved customs duties and taxes in foreign currency in an interest-free five-year certificate of deposit (CD), recovering the deposit in Egyptian pounds at the end of the period.
The global city will include a free zone and a used car sale area, the agency complex area, traffic offices, car showrooms, and the rest of the services provided to the customers.
The draft law stipulates that “an Egyptian who has a valid residency abroad has the right to import one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including the value-added tax and the schedule tax.
Mait added that since April until present, 500 cars have been delivered to beneficiaries with the state funding them with LE16.2 million.
Most Read
