Latest in Automotive Highlight
Latest in Automotive
New Sunny tops best-selling Japanese cars
The New Sunny model continues to lead sales of Japanese cars, achieving sales of 9,714 units worth EGP 1.5bn from January to September 2016. Mitsubishi Lancer EX came in second place with sales of 5,523 units amounting to EGP 1.04bn, followed by Nissan Sentra with sales of 3,422 units worth EGP 682.7m. Toyota Corolla came …
Kia Sportage registers sales of 3,116 units
Kia Sportage, manufactured in Kia’s factories in Slovakia, maintained its top spot in European-origin personal car sales in Egypt. Kia Sportage is considered a European car and benefits from the reduction of customs in accordance with the Egyptian–European partnership agreement. The car registered sales of 3,116 units during the first nine months of 2016, amounting to EGP …
Chery and Geely acquire 97% of Chinese-origin sales
Ghabbour Group has managed to keep control of the Chinese automotive market, acquiring 97% of its total sales. The brands Geely and Chery registered sales of 8,981 units over nine months out of a total of 9,255 Chinese-origin units sold. The competition was limited to two brands, Geely and Chery, six months following Chery’s entry …
Aveo leads Chevrolet’s top sales with 2,757 units
Chevrolet has topped sales of US-origin personal cars in Egypt, with its models occupying the first four ranks in the first nine months of 2016. The brand has achieved sales of more than 10,000 cars, representing 75.3% of 14,400 total US car sales in that period. The Chevrolet Aveo topped the list of best-selling US …
Passenger cars register EGP 25.4bn in sales over 9 months
The passenger car market saw sales of 110,200 cars over the course of the first nine months of 2016 with the value totalling EGP 25.4bn. Despite a 16.5% year-on-year decrease, Korean brands continue to lead the market in total number of sales. A total of 37,140 cars were sold with the value amounting to EGP …
Hyundai dominates Korean car sales, Verna in the lead
As of the end of September, Hyundai has acquired 75% of Korean brand sales in the Egyptian market, with 31,500 units sold out of a total of 37,100 units. For the moment, Hyundai has beat out its rival Kia which ranked lower. Hyundai Verna came in the lead during the period from January and September, …
Europe’s car sales dip on German weakness
Automakers record the first fall in October sales since the industry’s six-year crisis ended
Egyptian Automotive Dealers Association warns dealers against halting sales, layoffs: chairperson
Flotation of Egyptian pound supports economy, but unfavourable for the auto sector, says Aboul Magd
Pound flotation decision will encourage Indonesian companies to invest in tyre industry: Mohamed Baraka
Mohamed Baraka, the chairperson of Baraka Contracting and Trade, a subsidiary of the Indonesian GT Tires company, revealed that the Indonesian company has showed it is willing to reopen the case for investing in Egypt and establishing a tyre factory. Baraka told Daily News Egypt that the decision to float the Egyptian pound has encouraged …
Bavarian Auto contracts with Orient to secure supplemental insurance for customers
Orient Takaful Insurance Company, affiliated with Al-Futtaim Group, contracted with Al Sheraa for Insurance Brokerage to provide Bavarian Auto Group’s customers with a supplemental insurance policy. Bavarian Auto is the agent of BMW and MINI in Egypt. Sherif Monsif El Manawy, Orient’s deputy executive, said that the new contract will compensate Bavarian Group’s customers for …
US dollar exchange rate at customs confuses car imports
20-30% anticipated price increase; I demand that customs fix the dollar price for a month, says El-Saba
Egyptian Automotive Dealers Association halts imports for November
The Egyptian Automotive Dealers Association held a meeting for leading car importers in which the association announced it would halt the import of cars during November in support of Egypt’s economy. The association met recently, prior to the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate of the Egyptian pound against the …
Automotive sector at risk of drowning following pound’s flotation: EAMA
The future of Egypt’s automotive industry is now at the mercy of the national currency’s flotation and is subject to importers’ provision of foreign currency, Hassan Soliman, head of the Egyptian Automobile Manufacturers Association (EAMA), said following the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound. Soliman explained that the auto industry …
Shafik Gabr: star of the Czech embassy national day party
Businessman Shafik Gabr, the owner of Škoda’s agent in Egypt, was named the star of the Czech embassy national day party last week, without competition. First, I was surprised that the annual party invitation was sent by the businessman’s office, especially given that Artoc, owned by Gabr, used to be the official sponsor of that …
Pound’s flotation without imports will significantly increase car prices: El-Goukh
Ahmed El-Goukh, the showrooms manager at El-Ezz Motors, said that the decision to float the Egyptian pound without opening the door for imports and the shortage of foreign currency required for imports will significantly increase car prices in the Egyptian market. El-Goukh expected a substantial increase on all car prices, including used cars. Showrooms have …
Strong yen eats into Toyota profits
Toyota’s bottom-line profit has taken a dive in the first half of the Japanese carmaker’s fiscal year.
Will pound’s flotation smooth the path for cars or take them in opposite direction?
In the wake of the Central Bank of Egypt’s (CBE) decision to liberate the exchange rate, opinions of workers in the automotive sector are varied as the impact of this decision on the sector is yet to be seen. Some believe that this decision was long awaited and will eliminate the recent overpricing phenomenon on …
Flotation supports economy, but unfavourable for auto sector: Egyptian Automotive Dealers Association chairperson
Osama Aboul Maged, the chairperson of the Egyptian Automotive Dealers Association, praised the Central Bank of Egypt’s decision to liberalise the exchange on Thursday, setting its value based on supply and demand mechanisms. He said the CBE’s decision will support Egypt’s economy following its successive crises due to the wide gap between the US dollar …
Car companies halt sales to reprice in wake of CBE decision
Car companies halted their sales processes to review prices after the Central Bank of Egypt’s (CBE) decision to float the Egyptian pound on Thursday. Some companies plan to reprice their cars, while others await the stabilisation of the US dollar rates against the pound and the end of the turmoil and confusion that currently prevails …
Ferrari boasts rising sales and profit
Italian luxury sports carmaker Ferrari has reported strong third-quarter results despite a challenging market environment.
Customs on imported cars increase by 66% after flotation
Customs charges on imported cars increased by 66% on Friday following the flotation of the Egyptian pound. This decision was made on Thursday when customs recorded a 52% increase calculated according to the price of the US dollar against the Egyptian pound in the free market, which will be reviewed on a daily basis. The …
BMW logs record quarterly profit on strong sales
German premium carmaker BMW has posted a decent increase in third-quarter earnings
The implications of VAT on the automotive sector
In a seminar for Daily News Egypt, leaders in the automotive sector and tax authority were questioned about what the implications of the value-added tax are on the industry
Tesla shares flying on surprise profit
Tesla shares have gained more than seven percent after the electric-car and battery maker reported its first quarterly profit in three years and said it was on track to meet its delivery targets for the year.
Nissan partners with KidZania to establish first role-play auto-production line attraction in Egypt and North Africa
Nissan Egypt is set to cooperate with KidZania Cairo to establish a role-play attraction modelled after their automotive production line at KidZania Edutainment Park. Through this initiative, Nissan will provide a unique opportunity for younger generations to learn about Nissan products and engage in the excitement that stems from the manufacturing process experience. The managing director …
Automotive market loses 25.6% of its sales in first 8 months of 2016
Passenger car sales declined by 25.6%, bus sales by 31.8%, truck sales by 25.7% compared to last year
Car market has no spare parts
70% deficiency in the market; spare parts for Korean, Chinese, Japanese, European models are absent
Motorcycle division seeks audience with presidency after import ban on two-stroke engines
There was a 15% increase in prices following the decision, says Abdel Mouti
Car prices to see new increase when Egyptian pound is floated or devalued: GB Auto
Fluctuations in exchange rates have pushed tyre manufacturers to monitor situation before concluding partnership to establish the factory
Automotive market fails to control prices of 165 car models in October
A new wave of price increases for 165 car models from different brands continued through in October, registering record highs as a result of price increases that companies have put in place on newly imported shipments and the low supply offered in the market. These price hikes included the German brands Opel and BMW, the …