An unexplainable development: Egypt's car sales up 56% despite lifting of subsidies
Egypt’s total car market volume in June increased to approximately 25,000 car units sold, compared to 16,000 in June 2013, the Automotive Marketing Information Council (AMIC) June 2014 report said.
The sales of passenger cars segment in June witnessed a 53% increase compared to June 2013, whilst truck sales surged 73% and the buses segment increased by 43%.
Around 17,300 car passenger units (70% of market share), 2,600 buses (10% of market share) and 5,000 trucks (20% of market share) were sold in June, the report detailed.
The total market volume for the year to date (YTD), starting from the beginning of 2014 until the date of data collection, registered 133,770 units. This is compared to 102,400 units as the YTD 2013, recording a 30.6% increase, according to the report.
The report noted that the passenger cars segment recorded a volume increase of 30% in units, when comparing YTD 2014 to YTD 2013. There was a 24% volume increase in the buses segment and 36% increase in the trucks segment.
The AMIC report added that June’s sales are higher than the 2013 and 2014 averages.
With regard to brands, Chevrolet topped the list of sold cars marking around 5,300 in sales in June compared to 3,500 sold units in the same month last year. Hyundai ranked the second with approximately 4,400 sold, units up from 2,475 units in June 2013.
On a yearly basis, Chevrolet has sold 31,000 units in the first half (1H) of 2014 compared to 28,000 units in 2013. Hyundai, however, has sold 20,000 units in 1H 2014 compared to 15,000 units in 2013.
- China-Pakistan economic corridor: a game-changer for the Middle East?
- Suspended tax transfers pushed Palestinian economy to the brink
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax
- Selfies, jokes, and billions: Sisi 'boisterous' after economic summit, but the hard part has just begun