{"id":546648,"date":"2022-05-24T03:54:45","date_gmt":"2022-05-24T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/are-international-car-brands-cutting-egypt-out-of-their-short-term-export-plans\/"},"modified":"2022-05-24T03:54:45","modified_gmt":"2022-05-24T03:54:45","slug":"are-international-car-brands-cutting-egypt-out-of-their-short-term-export-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/are-international-car-brands-cutting-egypt-out-of-their-short-term-export-plans\/","title":{"rendered":"Are international car brands cutting Egypt out of their short-term export plans?"},"content":{"rendered":"

<\/a> WATCH THIS SPACE- Are international car brands cutting Egypt out of <\/strong>short-term production plans in response <\/strong>to a slowdown in finance available for imports? <\/strong>Both Al Borsa<\/a> and Al Mal<\/a> are reporting that as many as eight international auto companies have stopped exporting cars to Egypt on the back of Egypt\u2019s decision<\/a> to move importers to letters of credit instead of the longstanding process of documentary collection to import goods. The combination of a very tight global car market and delays opening letters of credit (L\/Cs) has seen manufacturers diverting shipments to other markets, the newspapers quote industry sources as saying. One dealer expects imports to decline \u201csignificantly\u201d in the coming months.<\/p>\n

We\u2019re looking into the story and will be back tomorrow with more <\/strong>on what has so far been a less-than-wonderful week for the car industry. The Consumer Protection Agency ordered dealers<\/a>to hand a full refund of down payments with 18% interest to customers who had placed since 12 April, and said that anyone who purchased a vehicle prior to 12 April would be protected from any subsequent price hikes. The CPA is also raising by 5% the cap<\/a> on prices it introduced in March in the wake of the float of the EGP, despite the industry\u2019s demands of around 10%.<\/p>\n

\n

That Consumer Protection Authority (CPA) ruling on down payments yesterday? It <\/strong>applies to all <\/strong>consumer goods.<\/strong> People who put down down payments on any consumer goods<\/strong> prior to 12 April will enjoy the same protections against higher prices, CPA chief Ayman Hossam El Din said on Al Hayah Al Youm last night (watch, runtime: 6:40<\/a>). Retailers will be required to return down payments plus 18% interest to anyone who wants a refund, he said. The measures come following complaints by customers that sellers are hiking prices above the original price in response to rising inflation.<\/p>\n

Why the 12 April date?<\/strong> That\u2019s when the repercussions of the supply crisis really started to kick in, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

WATCH THIS SPACE- Are international car brands cutting Egypt out of short-term production plans in response to a slowdown in finance available for imports? Both Al Borsa and Al Mal are reporting that as many as eight international auto companies have stopped exporting cars to Egypt on the back of Egypt\u2019s decision to move importers […]<\/p>\n","protected":false},"author":1,"featured_media":546649,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7339],"tags":[144,72,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-automotive","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"9a536df6-e7bb-42b6-8b11-5f8f5dcc493d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/310.jpg","photo_position":"above","related_issue":[546644],"teaser":"","voice_url":""},"yoast_head":"\nAre international car brands cutting Egypt out of their short-term export plans? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/24\/are-international-car-brands-cutting-egypt-out-of-their-short-term-export-plans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are international car brands cutting Egypt out of their short-term export plans?\" \/>\n<meta property=\"og:description\" content=\"WATCH THIS SPACE- Are international car brands cutting Egypt out of short-term production plans in response to a slowdown in finance available for imports? 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Good luck. Some foreign car manufacturers have suspended sales to Egypt after a change to how imports are paid for has left local dealers unable to purchase vehicles, industry sources say, confirming reports first published by Al Borsa and Al Mal on Monday.The new supply constraints\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628545,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/07\/autocool-egypt-plans-to-invest-egp-45-mn-to-manufacture-new-parts-for-car-acs\/","url_meta":{"origin":546648,"position":1},"title":"AutoCool Egypt plans to invest EGP 45 mn to manufacture new parts for car ACs","author":"enterpriseam admin","date":"7 May 2018","format":false,"excerpt":"Auto parts manufacturer AutoCool Egypt is planning to invest EGP 45 mn in new production lines for car air conditioning units, Chairman Hamdy Abdel Aziz tells Al Mal. The company will factor in the new domestic components quota set by Trade and Industry Minister Tarek Kabil last month as a\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":613493,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/16\/jv-plans-usd-100-mn-investment-to-localize-the-production-of-geely-cars\/","url_meta":{"origin":546648,"position":2},"title":"JV plans USD 100 mn investment to localize the production of Geely cars","author":"enterpriseam admin","date":"16 January 2024","format":false,"excerpt":"The JV wants to begin production in 4Q 2024","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1031.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547783,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/gb-auto-to-open-passenger-car-factory-in-sadat-city-next-year\/","url_meta":{"origin":546648,"position":3},"title":"GB Auto to open passenger car factory in Sadat City next year","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"GB Auto is working on transforming a brownfield site in Sadat City into a passenger car and light commercial vehicle factory, Marina Kamal, GB Auto\u2019s IR head, told Enterprise. The factory will assemble some 50k cars for Chinese brands Changan and Haval (which GB Auto added to its portfolio last\u2026","rel":"","context":"In "Automotive"","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652215,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/gb-auto-could-be-raising-passenger-car-prices-by-up-to-egp-20000-sources\/","url_meta":{"origin":546648,"position":4},"title":"GB Auto could be raising passenger car prices by up to EGP 20,000 -sources","author":"enterpriseam admin","date":"3 January 2017","format":false,"excerpt":"Top Egyptian automotive player GB Auto is reportedly planning to raise sticker prices on its Hyundai and Geely brands (but not Mazda), according to Al Mal, citing unnamed sources as saying prices will rise between EGP 7,500 and EGP 20,000. The newspaper says it requested a clarification from GB Auto\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627867,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/13\/is-this-100-arab-car-thing-legit-and-will-it-be-produced-in-egypt\/","url_meta":{"origin":546648,"position":5},"title":"Is this \u201c100% Arab car\u201d thing legit? And will it be produced in Egypt?","author":"enterpriseam admin","date":"13 June 2018","format":false,"excerpt":"Geyushi Motors, El Saba Automotive, Abou Ghali Automotive, and El Sharkawy Automotive are all in talks with the UAE\u2019s Sandstorm Auto over distribution rights and after-sale services in Egypt, MEA Regional Manager Karim Saleh tells Al Mal. The Emirati company is currently reviewing the offers, he adds. A Sandstorm Auto\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546648"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546648\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546644"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546649"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546648"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546648"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}