Friday 18 Oct
Khaled Saad, Secretary-General of the Automobile Manufacturers Association, anticipates a 10-15% decrease in car sales within the local market in the near future. Saad attributed this forecast to the current shortage of necessary components and the substantial decline in purchasing power due to the prevailing economic challenges in the region.
He emphasized the importance of
banks taking proactive steps to revitalize the sluggish Egyptian market.
Specifically, he advocated for providing essential financing for locally
assembled models to incentivize consumers towards these vehicles, thereby
stimulating demand.
Saad expressed concerns about the
current instability in the Egyptian car market. He announced that the
Automobile Manufacturers Association would be holding meetings with government
officials to discuss measures for reviving the automotive industry. The
outcomes of these discussions would be communicated publicly upon completion.
Traffic departments licensed a total of 45,579 new cars in August. This breakdown included 2,087 motorcycles from the 2021 model year and 4,747 units of other 2021 model vehicles. Motorcycles dominated the registrations for August, accounting for 21,364 units, while passenger cars followed with 17,381 units.
