The Clap:
Egypt’s auto industry recorded a 10.8% month-on-month rise (MoM) in sales to some 6300 vehicles in May, Asharq Business reported, citing the Automotive Marketing Information Council latest figures. This comes after auto sales rebounded the month prior from a record slump to see a 35.1 % leap in sales MoM to 5700 vehicles.
On a YoY basis:
While there was a significant uptick for the ailing industry last month, the figures still constitute a 14.2% fall from the comparable period in 2023. The decrease is attributable to a 35.2% decline in bus sales and a 15.7% in those of passenger car sales.
The breakdown for May figures:
Passenger vehicle sales comprised about 77% of the total units for May, recording a 15.7 YoY fall and saw a 5.7% MoM jump to 4800 units. Meanwhile, bus sales increased almost 37% MoM to some 450 units and bus sales also saw a significant 29.4% rise to over 1000 units.
In other automotive news:
A government official who spoke on condition of anonymity told Asharq that Egypt will suspend customs clearance and pre-registration for tax-exempt cars designed for special needs motorists for a six-month period in a bid to “improve and close gaps” in the current system. Proposed amendments to the current system include limitation on said vehicles’ engine capacity to no more than 1200 cc.
BUT-
Al Borsa quotes another cabinet source as saying that other cars stuck at the nation’s ports will be released by the end of the week following initialization of a backlog clearance process the week before.
