Auto sales dip to new lows in April: Auto sales fell 69% in April from a year ago as the shortage of foreign currency continued to impact the automotive industry. Distributors sold 5.1k vehicles during the month, compared to 16.6k in April 2022, according to figures released yesterday by the Automotive Marketing Information Council (AMIC). This is the lowest since at least the start of 2018, per our internal trackers.

The breakdown: Passenger car sales fell 70% y-o-y to 3.8k units, bus sales were down 59% y-o-y and truck sales were down 69%. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

The downward trend continued on the month: April sales were down 23% from March’s figures, with passenger cars recording a 17% decrease, buses a 31% drop and trucks down 39%.

It’s been a tough year for the auto market: 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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