Egyptian auto market sales grow 10% in January

share on:

The Automotive Marketing Information Council (AMIC) revealed a 10% increase in automotive sales in January 2018, compared to the same period of last year.

Sales in that month reached 10,300 cars, versus 9,400 units in the same period of 2017.

The sale of private cars declined 2% to reach 6,770 cars in January 2018, as opposed to 6,930 units in the same period of 2017.

Truck sales increased significantly by 63.1%, as 2,500 trucks were sold in January of this year versus 1,500 last year. Bus sales have also increased to 1,054 units from 925, a 13.9% growth.

Khalid Saad, director general of Brilliance – Bavarian Auto Group and board member of the Egyptian Automobile Manufacturers Association (EAMA), said that the annual comparison of sales is unrealistic, especially since January 2017 witnessed the first period of the flotation of the local exchange rate, which led to a complete paralysis of the sector at the time.

ALSO READ   Fayose’s Deputy, Olusola Emerges PDP Ekiti Guber Candidate

Saad pointed out that the recent car sale figures should more realistically be compared to December 2017, according to the recent economic situation.

In December 2017, the sales of private vehicles totalled about 10,900, while the sales in January 2018 decreased by 5.5% compared to December.

Based on December results, truck sales decreased by 7.4%, while bus sales increased by only 20 units.

“There is no sign of future improvement in the car market’s sales,” Saad said. “The market can achieve the same sales level of last year at best due to continuous car price hikes and lack of bank financing for purchasing new cars,” he added.

He continued, “possible decline in foreign exchange rates in the second half of the year will contribute to reducing car prices and the car market will rebound again.”

ALSO READ   Yahoo Yahoo Couple: Nigerian Couple Arrested For $400,000 Internet Bank Fraud In Cambodia

The sales of cars assembled locally increased by 27%, representing 6,100 units sold during January of this year, compared to 4,800 in the same period of 2017. Imported car sales declined by 7.9%, reaching 4,200 compared to 4,500 cars in 2017.

The sales of private cars assembled locally increased by 25%, recording 3,500 units sold during January of this year, compared to 2,800 in the same period of 2017. Imported car sales declined by 21.4%, reaching 3,200 compared to 4,080 cars in 2017.

The sales of buses assembled locally increased by 36.6%, representing 368 units sold in January of this year compared to 580 in the same period of 2017. Imported bus sales increased by 98.8%, reaching 686 compared to 345 buses in 2017.

ALSO READ   Nigerian Court Affirms The Unlawful Proscription Of The Indigenous People of Biafra (IPOB)

The sales of trucks assembled locally increased by 58.3%, representing 2,172 units sold during January of this year compared to 1,300 in the same period of 2017. Imported truck sales increased by 101.8%, reaching 343 compared to 170 trucks in 2017.

Chevrolet is at the forefront of the market with a market share of 30% in January, followed by Nissan with 17%, Hyundai with 16%, Renault with 6%, Toyota with 5%, Kia 4%, Mitsubishi with 3.2%, and Suzuki with 3%.

The Chinese brand King Long acquired 2% of the market sales, while Ford took only 1.8%.

The post Egyptian auto market sales grow 10% in January appeared first on Daily News Egypt.

Leave A Comment Below
share on: