Egypt automotive sales jump 41.5% to 20,800 units in August

(MENAFN – Daily News Egypt) Egypt’s total automotive sales in August 2020 saw a rise of 41.5% year-on-year (y-o-y) and 13.7% month-on-month (m-o-m), amounting to 20,800 units.

The latest figures reflect a strong recovery, with sales likely to be impacted by pent-up demand, in addition to favourable financing options for car purchases made available by banks.

Passenger car (PC) sales during the same period increased 48% y-o-y, and 27.8% m-o-m, amounting to 15,900 units.

GB Auto’s (AUTO) total market share, covering the Hyundai, Mazda, Geely, and Chery brands, stood at 18.5% in August 2020. This reflected a downturn from the 29.1% it recorded in August 2019, but an increase from the 14.9% in June 2020.

AUTO’s PC sales in August declined 6% y-o-y and 58% m-o-m, amounting to 2,900 units. The y-o-y decline was driven mainly by lower CBU sales (down 21%), while CKD sales increased 19%. The m-o-m decline resulted from higher CBU sales of 98%, and growth in CKD sales by 30%.

Naeem Research said that the Hyundai Accent RB achieved sales volumes of 81 units during the first month of its launch. On MM Group’s (MTIE EY) PC sales, luxury car brands Jaguar and Land Rover saw sales volumes rise 33.3% y-o-y, but remain flat m-o-m, amounting to 40 units in August 2020


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