Egypt’s auto market expected to slide 50% y-o-y in 2017 - AMIC

Egypt’s auto market is expected to remain in a slump as sales are seen dropping by 50% year-on-year to 110-110k units in 2017, Automotive Information Council (AMIC) spokesperson Khaled Hosni said on Sunday, according to Al Mal. This drop in passenger car, bus, and truck sales will mostly be driven by lowered demand as a result of the recent hike in fuel prices, he said. In the first five months of 2017, passenger car sales dropped 36.1% y-o-y to 15.1k units, according to AMIC statistics. Nissan was in the lead with a 42.5% market share, followed by Hyundai with 23%, and then Chevrolet with c.17%.