The Egyptian auto industry: Rebound in market

SourceAhram
SectorTransport
CountryEgypt

The Egyptian auto industry witnessed a 5-10 per cent rise in the price of new passenger cars in the beginning of the fourth quarter of the year after seeing a noticeable recovery in sales during the third quarter of 2020. According to experts, the coronavirus, insufficient supply, a notable rise in demand on cars as well as the increase in the euro exchange rate against the Egyptian pound led to the price hikes. “The increase in the cost of new cars which the local market is currently witnessing is reasonable,” Ahmed Al-Mazahy, director-general of Al-Masria Auto, one of the largest showrooms in Egypt, told Al-Ahram Weekly. The auto market hasn’t recovered from the repercussions of the coronavirus pandemic as passenger car imports are limited as well as the ...read more...