The auto industry has yet to recover: The auto sector’s year-long slump extended for another month in March as a shortage of foreign currency continued to negatively impact imports. Sales were down 72% y-o-y in March, with distributors selling fewer than 6.7k vehicles, according to figures released yesterday by the Automotive Marketing Information Council (AMIC).

The breakdown: Passenger car sales fell 76% y-o-y to 4.6k units, while bus sales were down 63% and truck sales were 58% lower. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

The silver lining: Total sales volumes rose slightly on a monthly basis for a second consecutive month. Passenger car sales were up almost 9% from Februaryand truck sales increased by nearly a third. Bus sales volumes were 17% lower than in February. Industry players that Enterprise spoke with in March were optimistic that 2023 will mark a turning point for the sector, which has been struggling with supply issues for more than a year.

REFRESHER- Total auto sales volumes fell more than a third in 2022 after capital controls in place for most of the year made it almost impossible for distributors to import cars and components, and forced a number of global car manufacturers to suspend sales to Egypt.

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