Car prices inch up 1-5% on back of global supply shortage

Car prices have inched up 1-5% over the past year due in part to a growing supply shortage brought on in part by the covid-19 pandemic, said Chairman of the Egyptian Automotive Dealers Association Osama Aboul Magd, Al Masry Al Youm reports. Output at some major car manufacturers was lower this year on the back of covid shutdowns and as demand slumped in major global markets. Although demand has picked up in recent months after the covid-19 lockdown brought the sector to a standstill in the second quarter, Aboul Magd said that it’s unlikely car sales will reach 150k this year, a 25% fall from 200k in 2019.