The Clap:
Egypt’s automotive industry recorded a 35.1 % rise in sales month-on-month (MoM) to 5700 vehicles after a record 43% fall MoM in March, the Automotive Marketing Information Council details. Domestic car sales also surged by around 18.4% year on year (YoY) in the first four months of 2024 to nearly 23,500 units.
Driving the sales rally:
The surge in passenger car sales, which increased 65.5% MoM to 4600 vehicles in April, was the main driver of the rebound. Sales of passenger automobiles also increased by 11% between January and April, reaching 17,900 vehicles.
A fall in bus and truck sales:
Sales of buses and trucks decreased from the previous month. Bus sales saw a 37% MoM decline to 329 vehicles, while sales of trucks saw a 14.2% MoM fall to 789 units. Over the first four months of the year, truck sales fell 16% YoY to 3,600 units, while sales of buses recorded a 28.7% YoY decrease to 1,800 units.
Nissan took the crown:
After selling 3,700 cars between January and April, the Nissan brand had the highest market share of 15.9% in the local market, while Toyota followed its lead at
a 14.6% market share, and Chevrolet trailed in third place with a 13.9% market share.
Follows a multi-year struggle for the industry:
Auto sales fell to a 4.5 year low in 2022 owing to import restrictions on the back of the FX shortage the country had wrestled with. Auto sales also declined late in 2023 as market supply contracted, and gave distributors the power to raise prices as they saw fit, which saw consumers shy away from buying up units.
