{"id":547624,"date":"2022-06-29T04:00:28","date_gmt":"2022-06-29T04:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/"},"modified":"2022-06-29T04:00:28","modified_gmt":"2022-06-29T04:00:28","slug":"car-sales-fall-22-in-may-as-industry-struggles-continue","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/","title":{"rendered":"Car sales fall 22% in May as industry struggles continue"},"content":{"rendered":"

<\/a> Passenger car sales fell for the third consecutive month in May<\/strong> against a backdrop of continued economic headwinds and import restrictions, according to industry data. Passenger vehicle sales dropped by more than 22% y-o-y last month to record 11.8k vehicles, according to figures provided by the Automotive Information Council (AMIC), the industry association to which most distributors report sales.<\/p>\n

Bus and truck sales staged a partial recovery: <\/strong>Truck sales were down 10.6% y-o-y to 3.5k and bus sales dipped 1.9% y-o-y to 1.8k \u2014 an improvement on April, when bus sales were down 40% on an annual basis while truck sales fell 38%. Total vehicle sales dropped 18.4% y-o-y last month.<\/p>\n

Sales have been dropping since March<\/strong>: Total sales fell 9.4%<\/a> y-o-y in March and 25%<\/a> y-o-y in April. Challenges have been piling up for the industry since Russia\u2019s invasion of Ukraine hit global trade. They include a lack of financing for imports and import restrictions, surging inflation, parts shortages, and the EGP devaluation.<\/p>\n

The figures could have been worse:<\/strong> May\u2019s figures could have been substantially worse than April\u2019s, given that as many as 13 global car manufacturers<\/a> have suspended sales here, after new import rules<\/a> requiring distributors to use letters of credit (L\/Cs) created challenges getting shipments through ports.<\/p>\n

This could help: <\/strong>Prime Minister Moustafa Madbouly on Monday directed<\/a>his ministers, the central bank, and the banking sector to coordinate on setting up \u201ca mechanism for the orderly release of car shipments\u201d from ports.<\/p>\n

REMEMBER- Distributors now have to compensate consumers for being unable to deliver vehicles<\/strong>, per a decision<\/a> by the Consumer Protection Agency last month. Buyers who made a down payment on a vehicle prior to 12 April are entitled to a refund from the dealer plus 18% interest if their car doesn\u2019t materialize. Buyers also have the option of not taking a refund and instead working out a better arrangement with the distributor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Passenger car sales fell for the third consecutive month in May against a backdrop of continued economic headwinds and import restrictions, according to industry data. Passenger vehicle sales dropped by more than 22% y-o-y last month to record 11.8k vehicles, according to figures provided by the Automotive Information Council (AMIC), the industry association to which […]<\/p>\n","protected":false},"author":1,"featured_media":547625,"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":[143,144,72,1415],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-amic","tag-automotive","tag-enterpriseam","tag-l-cs","wpautop","entry"],"acf":{"mongo_id":"caed53f0-7fdd-4b91-a696-0ed23bd56268","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/334.jpg","photo_position":"above","related_issue":[547617],"teaser":"","voice_url":""},"yoast_head":"\nCar sales fall 22% in May as industry struggles continue - 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\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Car sales fall 22% in May as industry struggles continue\" \/>\n<meta property=\"og:description\" content=\"Passenger car sales fell for the third consecutive month in May against a backdrop of continued economic headwinds and import restrictions, according to industry data. 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However, bus and truck sales increased 34.1% and 36.5% y-o-y, respectively, during the month. Total market volume in Egypt increased by 5.12% in\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":585856,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/auto-sales-fall-72-in-march\/","url_meta":{"origin":547624,"position":1},"title":"Auto sales fall 72% in March","author":"enterpriseam admin","date":"1 May 2023","format":false,"excerpt":"The sector is showing signs of recovery month-on-month","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\/2023\/4\/982.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587613,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/car-sales-drop-69-in-april\/","url_meta":{"origin":547624,"position":2},"title":"Car sales drop 69% in April","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"Monthly auto sales dropped to their lowest levels since at least the start of 2018","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\/2023\/5\/1578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598761,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/03\/egypt-automotive-sales-down-5-y-o-y-in-4m2019\/","url_meta":{"origin":547624,"position":3},"title":"Egypt automotive sales down 5% y-o-y in 4M2019","author":"enterpriseam admin","date":"3 June 2019","format":false,"excerpt":"Total vehicle sales in Egypt fell 5% y-o-y to 46,589 vehicles in 4M2019, compared to 49,062 vehicles in the same period last year, according to figures from the Automotive Information Council (AMIC) cited by Al Mal. Passenger car sales dropped 10% y-o-y to 31,349 units, while bus sales climbed 8%\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":584519,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/02\/auto-sales-slide-again\/","url_meta":{"origin":547624,"position":4},"title":"Auto sales slide again","author":"enterpriseam admin","date":"2 April 2023","format":false,"excerpt":"Volumes rise on a monthly basis for the first time in a year","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\/2023\/4\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579329,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/auto-sales-fall-73-in-december\/","url_meta":{"origin":547624,"position":5},"title":"Auto sales fall 73% in December","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"Auto sales slump continues in December: Auto sales fell 73% y-o-y in December as import restrictions continued to weigh on the sector. 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