Auto sales dipped in July as the industry continues to be weighed down by the impact of the FX crisis. Car dealers sold 6,295 vehicles in July, slightly from 6,331 in June, according to figures released yesterday by the Automotive Marketing Information Council (AMIC). That’s 51% lower than the 12.7k vehicles that were sold in July 2022.

The breakdown: Companies sold fewer than 5k passenger cars during the month, largely unchanged from the month before and 45% lower than July 2022. Bus sales volumes fell 11% from the month prior to 566. Truck sales, meanwhile, rose 13% from June to 797. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

It’s been a tough year for the industry: Distributors have sold some 31.8k passenger cars since the start of the year, down 69% from the first seven months of 2022.

REMEMBER- The country’s currency crisis continues to weigh heavily on the local auto sector, as a shortage of FX creates obstacles to importing vehicles amid high inflation. Total auto sales fell more than a third in 2022 after capital controls put 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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