Steep Decline in European Car Sales, First Half 2023

European car sales experienced a steep 75% drop during the first half of 2023, whereas Chinese-made vehicles managed to sell 8.2 thousand units in the same timeframe.

In Egypt, sales of European cars plummeted by approximately 75.1% in the first half of this year, resulting in a total of 4.9 thousand units sold. This is a sharp contrast to the approximately 19.8 thousand cars sold during the same period in 2022, as indicated in the monthly report by the Automotive Market Council.

Sales of Chinese models also witnessed a decline of 64.7%, amounting to 8.2 thousand cars. This figure compares to approximately 23.2 thousand cars sold during the equivalent period, according to the report released by the Automotive Market Information Council (AMIC).

American-made cars also experienced a sharp downturn in sales, declining by 82.3% to register only 573 units sold. This stands against the approximately 3.2 thousand cars sold in the previous six months.

Japanese car sales saw a drop of 64.2%, tallying about 10.9 thousand units sold, compared to roughly 30.4 thousand cars in the corresponding period. Concurrently, sales of Korean cars dipped by 84.2%, totaling 2.2 thousand units, compared to approximately 13.9 thousand cars in the equivalent period.

In terms of origin, Indian cars only sold a single unit during the first six months of this year, a significant decrease from the 1,817 cars sold during the same period in 2022.

As stated in the AMIC’s monthly report, private car sales dwindled to about 26.8 thousand cars in the first half of 2023, compared to approximately 92.6 thousand cars during the same period of the previous year, a substantial 71% decrease.

The overall car market sales also saw a significant decline during the first half of this year, dropping by 69.88% to approximately 36.8 thousand cars. This is against the 122.3 thousand cars sold during the equivalent period last year.

Moreover, bus sales decreased to 3.9 thousand units, compared to 9 thousand buses in 2022, marking a 56% decrease.

Finally, truck sales experienced a slump, with about 5.9 thousand units sold, a 71% decrease from the 20.6 thousand units sold in the corresponding period.