Car Sales Drop by 50% in Egypt Amidst Price Hikes

Car sales in Egypt plummeted by 50% in 2023, in comparison to 2022, due to increased prices, reports the Automotive Marketing Information Council (AMIC).

Passenger vehicle prices tripled over 2 years, leading to a steep decline. AMIC's annual report indicates a 48% decrease in car sales, with only 69,175 cars sold compared to 133,857 in 2022.

The impact extended to bus and truck sales, which halved and decreased by 62% respectively. Overall vehicle sales dropped by 51.1% in 2023. However, December 2023 saw a 31.74% increase in sales compared to the same month in 2022.