{"id":656789,"date":"2024-12-10T00:00:00","date_gmt":"2024-12-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/auto-sales-inch-up-in-october-after-two-months-of-decline\/"},"modified":"2024-12-10T00:00:00","modified_gmt":"2024-12-10T00:00:00","slug":"auto-sales-inch-up-in-october-after-two-months-of-decline","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/10\/auto-sales-inch-up-in-october-after-two-months-of-decline\/","title":{"rendered":"Auto sales inch up in October after two months of decline"},"content":{"rendered":"

Auto <\/strong>sales<\/strong> nudged up in October: <\/strong>Auto sales in October inched up 1.1% m-o-m to record 9.6k vehicles, up from 9.5k in September<\/a>, according to figures from the Automotive Marketing Information Council (AMIC) seen by EnterpriseAM. This marks a modest rebound in monthly vehicle sales, breaking a two-month streak of declines following four months of growth between April and July. <\/p>\n

Remember:<\/strong> The vehicle market witnessed a 43% m-o-m drop in March<\/a>, with sales plummeting to just 4.2k vehicles \u2014 the lowest number of auto sales we\u2019ve seen since we started keeping track in January 2019.<\/p>\n

Growth in truck sales drove the increase: <\/strong>Passenger car sales registered a 2.3% m-o-m decline to 7.4k vehicles, but a 20.3% m-o-m increase in truck sales to 1.4k units and a 4.5% m-o-m increase in bus sales to 760 pushed the overall figure up.<\/p>\n

On a yearly basis: <\/strong>October\u2019s total auto sales were up 7.3% from the same time last year, driven by a 45.3 y-o-y increase in truck sales and a 6.6% y-o-y increase in passenger car sales. In the same period, bus sales fell 24.9% y-o-y.<\/p>\n

The data paints an incomplete picture:<\/strong> AMIC figures come from member distributors, covering most\u2014but not all\u2014industry players. <\/p>\n

The local auto market could be in store for some drastic changes in the future, however<\/strong>, as it seems that every couple of days there\u2019s a new agreement to localize auto production and increase supply. In just the first ten days of this month, we heard news that that Ezz Elarab Group launched<\/a> a new Volvo EV with plans to open a EV service center and Volvo showroom next year, Nissan will soon bring its third locally assembled unit<\/a> to market as part of a USD 45 mn investment, Alkan Auto will bring another Chinese EV brand to market by February, and National Automotive Company will distribute<\/a> Chinese Neta Auto EVs by mid-next year. <\/p>\n

And if that\u2019s not enough for you,<\/strong> we also heard<\/a> this month that three tire factories, a facility for manufacturing tire production equipment, service and maintenance centers, a steel wire plant for tire reinforcement, a white carbon production facility, and a research and training center will be built in a tire manufacturing city in Ain Sokhna under a USD 360 mn project between the Arab Organization for Industrialization and an unnamed Chinese company.<\/p>\n","protected":false},"excerpt":{"rendered":"

The increase was driven by a 20.3% m-o-m growth in truck sales<\/p>\n","protected":false},"author":1,"featured_media":656790,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automotive","tag-amic","tag-automotive","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"e866663d-3f49-42bc-9c7f-3aad77b28751","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/886.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Auto 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