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Decline in demand of locally manufactured, imported cars by 50% - Daily News Egypt

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Decline in demand of locally manufactured, imported cars by 50%

 43% decline in February: 6,500 units sold 


Car sales declined by 43 percent this April in comparison to last years sales period. The market has witnessed the sale of 9,551 units compared to the precious 16,779 units, according to a report by the Automotive Marketing Information Council (AMIC).

The report showed a decline in demand for passenger car units by 66%, recording sales of 6,331 cars, compared to 11,549 cars April 2016. Sales of buses have declined by 11%, with 1.059 buses sold this April compared to 1,910 units in 2016.

The sales of trucks declined by 3% with 843,000 sold units compared to 2,762 during the same period last year.

Egyptian Automotive Dealers Association head, Osama Aboul Magd, said that the decline in car sales was caused by the major price difference that took place over the past eight months, especially in the beginning of the new year when prices doubled. This did not bring sales in February, despite discounts.

Aboul Magd expected sales to continue the decline trend after the dollar stabilized at EGP 18. The new price of the dollar will result in prices being fixed at their current rates, which does not fit consumers’ purchasing power. AMIC’s report said that the decline of sales since the beginning of the year into February was by 50.1%, reaching sales of 15,936 units in 2017 compared to 31,918 units in 2016. Passenger car sales declined by 45%, recording 11,701 compared to 21,151 year-on-year.

Sales of locally assembled buses declined by 58%, recording sales of 1,850 compared to 4,355 in January and February 2016. Trucks have recorded a decline of sales by 63%, selling 2,385 compared to 6,412 during the same period last year.

The demand on locally assembled cars has declined by 50.2%, resulting in the selling of 7,648 units in February 2017 compared to 15,361 units in February 2016.

Imported cars also declined by nearly 50%, resulting in the selling of 8,288 cars compared to 16,557 cars y-o-y. The sales of locally-assembled passenger cars declined by 45.6%, with 4,402 cars sold, compared to 8,096 y-o-y. The sales of imported passenger cars declined by 44.1% recording 7,299 sold units compared to 13,055 sold units y-o-y.

The sales of locally assembled buses declined by 47.6%, recording 1,242 sold buses compared to 2,372 units. Imported buses sales declined by 69% recording 608 sold buses in 2017 compared to 1,983 in 2016. Locally-assembled trucks sales declined by 59%, resulting in sales of 2,004 trucks in 2017 compared to 4,893 y-o-y. Sales of imported trucks declined by 74.9%, resulting in sales of 381 sold trucks in February 2017 compared to February 2016 when 1,519 trucks were sold.

 

 

Topics: Cars import Sales

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https://dailynewsegypt.com/2017/06/13/decline-demand-locally-manufactured-imported-cars-50/
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