Egypt automotive market to maintain 40% growth rate in H1

Egypt’s automotive market will maintain the growth rates achieved within the first half of the year, according to Former Head of the Automobile Manufacturers Association Hassan Mostafa.

Sales of the Egyptian car market hiked by around 40 percent in the first half of current year, compared to the same half of 2017.

Mostafa added that the Egyptian market still has the capacity to absorb more growth in sales, because a large proportion of Egyptians have not yet owned cars.

On another side, Secretary-General of the Association of Car Manufacturers Khalid Saad said that the appearance of electric cars at the latest Formula Automech Motorshow is not an indication of these car’s intrusion into the markets.

He pointed out that the companies’ offer of electric cars does not mean they will be able to release them in Egyptian streets soon.

Saad added that the infrastructure of electric cars has not yet been published, and its deployment did not exceed 65 stations so far, which will not meet the expectations of customers. Sales of locally assembled cars marked an increase of 25.8 percent during the first seven months of 2018, compared to the same months of 2017.

Sales of locally assembled cars reached 48,219 vehicles in the first seven months of 2018, compared to 38,335 vehicles in the same period of 2017.

Meanwhile, exported cars recorded an increase in their sales by 53.1 percent, selling 48,162 units up from 31,450 units in the same months of 2017.

Automotive Market Information Council (AMIC) said that sales of the automotive market increased 26.8 percent in July 2018 on a year-on-year basis.

In June, sales of automotive market hiked 54.1 percent on YoY basis, selling 15,526 units compared to 10,770 units in June 2017.

Source: Egypt Today