{"id":589466,"date":"2023-07-04T00:00:00","date_gmt":"2023-07-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/04\/car-sales-rose-in-may-as-market-shrugs-off-ramadan\/"},"modified":"2023-07-04T00:00:00","modified_gmt":"2023-07-04T00:00:00","slug":"car-sales-rose-in-may-as-market-shrugs-off-ramadan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/04\/car-sales-rose-in-may-as-market-shrugs-off-ramadan\/","title":{"rendered":"Car sales rose in May as market shrugs off Ramadan"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Auto sales record their best month so far in 2023: <\/span><span style=\"\">Auto sales remained low in M<\/span><span style=\"\">ay compared with a year ago but rose steeply from the month before<\/span><span style=\"\">.<\/span><span style=\"\"> Distributors sold some 7.3k vehicles during the month, according to <\/span><span style=\"\">figures released yesterday<\/span><span style=\"\"> by the Automotive Marketing Information Council (AMIC). That\u2019s still less than half the number sold in May 2022, but up 43% from the 5.1k <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20dc6be7-422f-4d68-83cc-5e60b4e89737\" style=\"\">recorded in April<\/a><\/span><span style=\"\">, marking the<\/span><span style=\"\"> best month for auto sales since <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\" style=\"\">December 2022<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We don\u2019t think this means the market is in recovery: <\/span><span style=\"font-weight:400;\">April figures were likely depressed by Ramadan, when consumers spent far less time in showrooms \u2014 and as banks earmarked even less FX for auto imports as they prioritized the import of staples for the holy month.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">YTD sales paint a dismal picture: <\/span><span style=\"\">Some 21.9k passenger cars were sold in the first five <\/span><span style=\"font-weight:400;\">months of 2023 \u2014 down 73% on the 80.3k cars sold from January-May 2022. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The breakdown: <\/span><span style=\"\">In comparison with May 2022, passenger car sales fell 52% to 5.7k units, bus sales were down 61% to 694 units, while truck sales saw a 74% drop as the automotive industry continues to suffer from the country\u2019s foreign currency shortage. Compared with the month before, however, passenger cars<\/span><span style=\"\"> recorded a 48% increase<\/span><span style=\"\">, buses a 58% jump, and trucks a 12% increase.<\/span><span style=\"font-weight:400;\">AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s been tough going for the sector: <\/span><span>Total auto sales volumes <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/707b4238-00f7-470d-b784-f4371dcd1abf\" style=\"\">fell more than a third<\/a><\/span><span> in 2022 after <\/span><span>capital controls<\/span><span style=\"font-weight:400;\"> 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Distributors sold some 7.3k vehicles in May, recording their best month since December<\/p>\n","protected":false},"author":1,"featured_media":589467,"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":[143,144,72,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-amic","tag-automotive","tag-enterpriseam","tag-trade","wpautop","entry"],"acf":{"mongo_id":"09540f08-b743-4840-80a1-4f9a306589fb","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/36.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt cars sales rise nearly 50% m-o-m in May as the market moved past Ramadan \u2014 but sales remain in the dumpster","related_issue":[589454],"teaser":"Distributors sold some 7.3k vehicles in May, recording their best month since December","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.0d74200a-470b-44f6-9767-c793e90f20a0.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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On a monthly basis, sales decreased from 19.5k passenger vehicles sold in June 2021 \u2014 an almost\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\/2021\/9\/15.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":589466,"position":3},"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 &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\/2023\/5\/1578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577608,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/29\/egypt-car-sales-down-again-in-october\/","url_meta":{"origin":589466,"position":4},"title":"Egypt car sales down again in October","author":"enterpriseam admin","date":"29 November 2022","format":false,"excerpt":"Auto sales down yet again: Monthly auto sales fell in October as the industry faces continued import difficulties. Less than 6.1k passenger vehicles were sold last month, down 69% from the same month last year, according to figures released by the Automotive Information Council (AMIC), an industry group.Passenger vehicle sales\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\/2022\/11\/474.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543466,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/car-sales-up-26-in-2021\/","url_meta":{"origin":589466,"position":5},"title":"Car sales up 26% in 2021","author":"enterpriseam admin","date":"2 February 2022","format":false,"excerpt":"Egypt\u2019s auto sector deftly managed the global chip shortage in 2021 as strong demand pushed sales to their highest levels since the EGP float in 2016. Industry figures out yesterday showed that almost 291k new vehicles were sold last year, up 26% from 2020, despite rising prices caused by shortage\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\/2022\/2\/22.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\/589466","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=589466"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589466\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/589454"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589467"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589466"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589466"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}