{"id":549028,"date":"2022-08-31T04:00:58","date_gmt":"2022-08-31T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories\/"},"modified":"2022-08-31T04:00:58","modified_gmt":"2022-08-31T04:00:58","slug":"auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories\/","title":{"rendered":"Auto sales fall again in July + Stellantis could invest in its local auto factories"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Auto sales halved in July from a year earlier <\/strong>as the market continued to struggle with import restrictions, inflation and a weaker currency. Passenger car sales dropped 50% y-o-y last month to 8.9k vehicles, according to figures provided by the Automotive Information Council (AMIC).<\/p>\n<p><strong>Bus and truck sales were also down: <\/strong>Some 1.3k buses and 2.6k trucks were sold in July \u2014 marking around a 30% y-o-y drop for both segments. Total vehicle sales dropped 46% y-o-y to 12.8k units.<\/p>\n<p><strong>ICYMI- The auto sector is in a jam:<\/strong> Passenger vehicle sales have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e741126-acb8-4223-897b-f46b574f9fa2\">since March<\/a> been marking steep y-o-y declines, with car sales dipping by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14ddd079-0875-4a96-81ca-c94fa0e38f6b\">more than a third y-o-y in June<\/a>. The market has been rocked by new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">rules<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14ddd079-0875-4a96-81ca-c94fa0e38f6b\">requiring importers to get letters of credit (L\/Cs)<\/a> that effectively limited imports to a handful of essential goods, leaving new cars and car parts stranded at ports and pushing a number of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">global car manufacturers<\/a> to suspend sales here. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">devaluation<\/a> of the EGP and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">inflation<\/a> are also weighing on the sector.<\/p>\n<p><strong>Distributors are slowly releasing existing inventory to the market at higher prices <\/strong>to maximize margins amid supply constraints. And local assembly is struggling: Assembly lines are getting some allocation of FX to bring in kits (called \u201cCKD\u201d units in the industry) while already-build passenger cars remain effectively blocked from entering the country.<\/p>\n<p><strong>A light at the end of the tunnel? <\/strong>The government is rolling out measures to ease the logjam at ports, including a potential route for importers to bypass filing for L\/Cs. Catch the full story in our Economy section, above.<\/p>\n<p><strong>REMEMBER- You\u2019re entitled to a refund if your new car hasn\u2019t materialized. <\/strong>The consumer watchdog <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0ec541c-b791-48a1-987e-0736ddb39eff\">in May<\/a> ordered distributors to fully return down payments with 18% interest to anyone who had ordered vehicles before 12 April and wants a refund. Those who still want their vehicles have full price protection (that is, companies are forbidden from retrospectively hiking prices on cars ordered before 12 April due to inflation).<\/p>\n<p><strong>PLEASE, PLEASE ASSEMBLE THE NEW JEEP GRAND CHEROKEE IN EGYPT\u2026<\/strong><\/p>\n<p><strong>Stellantis is considering upping investments and expanding capacity at Arab<\/strong> <strong>American Vehicle Company (AAV) factories<\/strong>, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02u1iVxKUQqzJS3JYGeQFC9HCr2ocD9uLnyEoL2XS7BNwSX5dKrNbe1G9RS8zCjbidl\">a statement<\/a> yesterday. This comes under an MoU signed between the auto giant \u2014 a merger between Fiat Chrysler and Peugeot \u2014 and the General Authority for Investment and Freezones (GAFI) yesterday. AAV is a JV between Stellantis and the military-affiliated Arab Organization for Industrialization.<\/p>\n<p><strong>Stellantis likes the auto localization strategy:<\/strong> The automaker reiterated its interest in taking advantage of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d85d54ff-5ca1-41bf-a2af-5e606e9c121a\">incentives for the auto sector<\/a>, having already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4534ea6-a5e2-4eb3-acfa-31b73f738925\">expressed<\/a> its interest in assembling electric vehicles in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Auto sales halved in July from a year earlier as the market continued to struggle with import restrictions, inflation and a weaker currency. Passenger car sales dropped 50% y-o-y last month to 8.9k vehicles, according to figures provided by the Automotive Information Council (AMIC). Bus and truck sales were also down: Some 1.3k buses and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":549029,"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":[1291,144,72,461,125,131,622,1888],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-arab-organization-for-industrialization","tag-automotive","tag-enterpriseam","tag-gafi","tag-investment-watch","tag-manufacturing","tag-national-security","tag-stellantis","wpautop","entry"],"acf":{"mongo_id":"3b486e11-dc50-48d9-b375-bfe5816f3f05","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/446.jpg","photo_position":"above","related_issue":[549021],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Auto sales fall again in July + Stellantis could invest in its local auto factories - 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\/08\/31\/auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auto sales fall again in July + Stellantis could invest in its local auto factories\" \/>\n<meta property=\"og:description\" content=\"Auto sales halved in July from a year earlier as the market continued to struggle with import restrictions, inflation and a weaker currency. Passenger car sales dropped 50% y-o-y last month to 8.9k vehicles, according to figures provided by the Automotive Information Council (AMIC). 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Passenger car sales dropped nearly 53% y-o-y last month to just 8.7k vehicles, according to figures provided by the Automotive Information Council\u2026","rel":"","context":"In &quot;Automotive&quot;","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":661965,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/09\/januarys-auto-sales-dip-from-two-year-high-seen-in-december\/","url_meta":{"origin":549028,"position":2},"title":"January\u2019s auto sales dip from two-year high seen in December","author":"enterpriseam admin","date":"9 March 2025","format":false,"excerpt":"The market saw a 61.4% increase in total vehicle sales in January, reaching 10,1k compared to 6.3k units y-o-y","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/584.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590709,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/passenger-car-sales-decline-by-4-y-o-y-in-november\/","url_meta":{"origin":549028,"position":3},"title":"Passenger car sales decline by 4% y-o-y in November","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"Passenger car sales were down in November for the ninth consecutive month, declining 4% y-o-y to 12,321 vehicles, according to an Automotive Information Council (AMIC) report (pdf). 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 &quot;Automotive + Transportation&quot;","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":636900,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/02\/auto-sales-fall-30-y-o-y-in-september\/","url_meta":{"origin":549028,"position":4},"title":"Auto sales fall 30% y-o-y in September","author":"enterpriseam admin","date":"2 November 2017","format":false,"excerpt":"The great auto industry slump continues, with sales in September falling 30% y-o-y, with 12,300 vehicles sold during the month, according to an AMIC report picked up by Al Borsa. 9M2017 sales dropped 38% y-o-y with around 96,200 vehicles sold. Passenger car sales dropped 25% to 9,600 cars, while bus\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","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":614687,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/06\/auto-sales-jump-in-december\/","url_meta":{"origin":549028,"position":5},"title":"Auto sales jump in December","author":"enterpriseam admin","date":"6 February 2024","format":false,"excerpt":"An increase in truck sales drove the trend","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/327.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549028","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=549028"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549028\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549029"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549028"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549028"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}