{"id":607522,"date":"2023-10-04T00:00:00","date_gmt":"2023-10-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/a-rebound-in-the-automotive-sector\/"},"modified":"2023-10-04T00:00:00","modified_gmt":"2023-10-04T00:00:00","slug":"a-rebound-in-the-automotive-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/a-rebound-in-the-automotive-sector\/","title":{"rendered":"A rebound in the automotive sector"},"content":{"rendered":"

Finally: A bounce in the automotive industry. <\/strong> Monthly car sales hit their highest level in almost a year in August, according to figures released yesterday by the Automotive Marketing Information Council (AMIC). Distributors sold more than 8k vehicles in August, up 28% from July<\/a> and the highest monthly figure since October 2022.<\/p>\n

In detail: <\/strong> The increase in sales volumes was driven by passenger car sales, which jumped 26% m-o-m to more than 6.2k, and truck sales, which rose 63% to 1.3k. Sales of buses declined for the fourth consecutive month. <\/p>\n

Remember: <\/strong> The industry has faced serious headwinds since the beginning of 2022 amid the country\u2019s economic crisis. Firms have struggled to import vehicles and components due to the FX shortage while soaring inflation has weighed on consumer demand.<\/p>\n

This doesn\u2019t mean the crisis in the auto sector has passed: <\/strong>While yesterday\u2019s figures could indicate the start of a recovery in the market, they remain 40% lower than the 13.3k vehicles sold in the same month last year. Sales across the first eight months of the year are 66% lower than in the same period in 2022.<\/p>\n

BACKGROUND- These figures don\u2019t reflect activity across the entire market. <\/strong> AMIC reflects data contributed by member distributors, who include most (but not all) industry participants.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sales volumes have plunged since the beginning of 2022 amid headwinds caused by the FX crunch and soaring inflation<\/p>\n","protected":false},"author":1,"featured_media":607523,"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":[143,144,104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-amic","tag-automotive","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"83accc27-5fe4-4abb-a673-91c7d921ea55","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/272.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt car sales rebound in September following months of decline","related_issue":[607507],"teaser":"Sales volumes have plunged since the beginning of 2022 amid headwinds caused by the FX crunch and soaring inflation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.e607bf79-bb93-4bca-9e6a-86cd7c200df9.mp3"},"yoast_head":"\nA rebound in the automotive sector - 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\/2023\/10\/04\/a-rebound-in-the-automotive-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A rebound in the automotive sector\" \/>\n<meta property=\"og:description\" content=\"Sales volumes have plunged since the beginning of 2022 amid headwinds caused by the FX crunch and soaring 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