European Car Sales Plunge 73.2% in 7 Months; Chinese Brands Surpass 10,000 Units

In the first seven months of the year, European car sales in Egypt saw a staggering drop of 73.2%, with figures standing at 5.5 thousand units. This is a stark contrast to the approximately 20.6 thousand units sold in the same timeframe in 2022, as revealed by the latest monthly report from the Automotive Market Information Council (AMIC).

Chinese brands, while also facing a downturn, reported a lesser dip in sales at 62.5%, translating to over 10,000 cars. This is in comparison to the 26.8 thousand units sold in the comparative period of the previous year, as per the AMIC report.

American-manufactured vehicles experienced an even sharper decline, plummeting by 81.4% to 612 cars, down from 3.2 thousand units in the past seven months. Japanese car sales weren’t spared either, seeing a decrease of 64%, amounting to roughly 12.1 thousand cars, versus the 33.7 thousand units from the previous year’s comparable period. Korean cars followed suit, dwindling by 76.9% to 3.4 thousand units from an earlier 14.8 thousand.

Interestingly, sales figures for Indian cars highlight a sale of just a single unit in these seven months, a sharp decrease from around 2.1 thousand cars during the equivalent period in 2022.

Further insights from the AMIC report indicate that private car sales also took a hit, plummeting to 31.8 thousand cars in the first seven months of 2023. This is a significant drop from the 101.5 thousand units recorded in the same period the prior year, marking a 69% decline.

Similarly, truck sales across various categories also suffered, witnessing a 71% reduction. This means only about 6.7 thousand trucks were sold in the last seven months, compared to 23.2 thousand trucks in the corresponding period of the previous year.

To round off the automotive downturn, total bus sales slumped notably to 4.5 thousand buses, a 56.1% drop when compared to the 10.3 thousand buses sold in 2022.