Egypt Autos Report Q3 2013 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-24 08:57:03
Car sales in Egypt rose 43%, to 17,463 units, in January, according to the latest data from the Automotive Marketing Information Council (AMIC). Sales of passenger car grew 39% to more than 12,000 vehicles during the month. However, the council said that many car producers and distributors are concerned over the coming period, as well as the whole year, as January sales were affected by the Egyptian currency devaluation. This came as the dollar increased by more than 10% since December, which resulted in around EGP5,000-60,000 (US$750-9,000) price rise for some luxury cars.
As the Egyptian pound reaches new lows, forcing up the price of imported vehicles, We believe this creates opportunities for small car and budget brands through demand from those consumers still keen to go ahead with purchases. As China´s Geely Automobile just completed construction of its plant in late 2012, this could be one brand set to take advantage of the current conditions.
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