Automotive Sales Jump by 42.2% MoM in July

Auto sales in July surged by 42.2 percent month-over-month, reaching 11,400 vehicles, according to the Automotive Marketing Information Council (AMIC). This marks the fourth consecutive month of increased sales, following a significant 43 percent decline in March. Despite this upward trend, July's sales figures remain significantly below the 24,200 monthly average of 2021, a period before foreign currency shortages led to a sharp decline in imports, global supply chain issues raised prices, and car distributors hiked car prices. Passenger cars led the sales increase, rising 50.7 percent from June to approximately 9,700 units, making up 85.5 percent of total sales. Bus sales grew by 4.9 percent to 643 units, while truck sales rose by 8.1 percent to just over 1,000 units. Year-on-year, July's sales were 81.2 percent higher compared to July 2023, driven by a 97.6 percent increase in car sales, a 13.6 percent rise in bus sales, and a 27.2 percent climb in truck sales. Just yesterday, Minister of Finance Ah med Kouchouk announced the creation of a new central unit aimed at streamlining customs and tax procedures for the automotive industry. This unit, reporting directly to the finance ministry and overseen by the Secretary-General of the Fund for Financing Environmentally Friendly Vehicle Manufacturing, will focus on expediting processes for vehicle manufacturers, component suppliers, and other participants in the National Program for Automotive Industry Development. Source: State Information Service Egypt