Latest in Automotive Highlight
Latest in Automotive
EGP 12.2bn in private car sales over first 5 months of 2016
Korean brands rank first, Japanese brands second, and European brands come third
Opel Astra tops best-selling European cars in Egypt
Opel Astra maintained its position leading sales of European cars in Egypt between January and May, registering sales of 1,776 units worth EGP 440.4m. Kia Sportage, manufactured in Slovakia, came in second with 1,366 cars sold over five months worth EGP 382.5m. Peugeot 301 was ranked third with 975 sold units worth EGP 136m. Opel …
Volkswagen is global leader in car sales
Diesel emissions scandal? Lawsuits, fines, turmoil at headquarters? Whatever. VW Group sold more cars and light trucks than any other carmaker in the first half of 2016, ahead of close rivals Toyota and General Motors.
GM lifts revenue outlook on strong US sales
General Motors has raised its full-year profit forecast following a record-setting second quarter in which Americans eagerly spent money on new pickup trucks and sport utility vehicles.
VW profit set to shine despite Dieselgate clouds
Investors have delved into VW shares after the embattled carmaker forecast a higher-than-expected operating profit, shrugging off news the company booked another huge charge for its emissions-cheating scandal.
Motorcycle, bicycle prices rise by 20%, following devaluation of Egyptian pound
Prices of motorcycles and bicycles rose by 20%, due to the increase of the US dollar exchange rate against the Egyptian pound over the past three months, which has negatively affected sales during the summer. Gamal Abdel Nasser, head of the motorcycles division at the Cairo Chamber of Commerce, said that the increase in the …
Car prices continue their journey towards record highs
A new wave of price hikes took place in July for 153 car models from different brands amid anticipation by analysts that the Egyptian pound would be further devaluated by the Central Bank of Egypt. The increase included the German carmakers Opel and BMW, Korea’s Hyundai and Kia, the American Chevrolet, the French brands Renault …
California rejects VW recall plan for 3-liter diesels
California’s Air Resources Board has rejected Volkswagen’s (VW’s) plan for recalling thousands of 3-liter diesel vehicles, posing a new challenge for the German carmaker to settle its emissions cheating scandal.
Serious concerns dominate Egyptian automotive market following Brexit
The agreement between Egypt and the EU triggered a gradual customs reduction on European cars in 2009, which will continue until 2019, at which time European cars will be completely exempt from custom fees.
Automotive industry enhancement draft law to be presented to cabinet Wednesday
The strategy aims to enhance the local automotive industry through a specific timetable, to raise the ratio of domestically manufactured components from 45% to 60%.
KIA unveils newly designed Cerato
Egyptian International Trading and Agencies (EIT) recently revealed the newly designed 2017 KIA Cerato during its annual sohour. The KIA Cerato belongs to the sedan car family, which is the most sold type of car in Egypt. EIT is the exclusive distributor of KIA Motors in Egypt. After ten years of local success, the Cerato …
Automotive sales retreat at slower pace in first five months of 2016
Hyundai is racing with Chevrolet to lead the market; Nissan comes in third
24% decrease in private cars sales, 27% in buses, and 29% in trucks
29.6% retreat in imported cars sales, and locally assembled cars sales decrease by 20%
Draft law of automotive industry enhancement to be presented to cabinet mid-July
The law aims to enhance the automotive industry and provide the needed elements to help the industry advance
Car sales on the rise in Germany
Car sales in Europe’s power house have increased again in recent months, the German Association of the Automotive Industry has reported. And despite VW’s pollution scandal, diesel cars are in high demand.
BMW teams up with Intel, Mobileye
German carmaker BMW has announced that it’s entered into a technology alliance with chipmaker Intel and computer vision specialist Mobileye. The move is meant to support the firm’s focus on self-driving vehicles.
Daimler to buy car-leasing firm Athlon
The German auto maker – known for its Mercedes luxury cars – has acquired the Dutch car-leasing specialist because of its strong market position, allowing Daimler to improve its fleet management services.
Takata shares jump as CEO may leave
Japanese auto parts supplier Takata has seen its shares rise sharply as its chief executive has hinted at his resignation.
Leaders in the auto industry prepare for ‘Egypt Automotive’ summit
Business News held a meeting to prepare for the upcoming automotive summit in December, during which chairperson Mostafa Sakr said the ambiguity of the government’s strategy for the automotive sector is delaying investment decisions in the sector
VW: Compensation claims and a lot more
German carmaker Volkswagen and US authorities are expected to reach a settlement agreement, which might make it clear for the first time how much the “Dieselgate” emissions-cheating scandal would cost the company there.
VW sets up $10 billion US Dieselgate fund
Seeking to avoid a major trial in the US, Volkwagen has set up a massive fund to pay up for Dieselgate-related damages in the US. The US Department of Justice has called for a plan to be finalized by the end of July.
VW owners close ranks, defying investors’ ire
Volkswagen’s three main shareholders have backed management during the company’s annual general meeting, defying criticism from smaller investors over top executives’ handling of VW’s diesel emissions scandal.
VW investors looking for answers in Hanover
At its first shareholder meeting since its pollution scandal broke last September, managers at German carmaker VW are girding for tough questions from investors. Fresh accusations and probes are an added irritation.
From engagement to marriage: Tesla eyes SolarCity
Visionary electric carmaker Tesla has announced it is aiming to buy US solar panel producer SolarCity with a view to creating a powerful clean-energy unit under one roof. Shareholders were divided over the takeover bid.
Peugeot-Citroen speeds back into Iran
Quick to return to a familiar market, the French company has sealed a joint-venture with Iranian carmaker Khodro. Car production in the Islamic republic is expected to surge following the lifting of sanctions.
VW shareholders eagerly await general meeting
Volkswagen shareholders are converging on Hannover this week for the auto maker’s annual general meeting.
Auto assembly companies experience 4-month decline amid US dollar shortage
During the first four months of 2016, 44,900 cars were sold, compared to 63,700 at the end of April 2015.
Nissan, the first 1% decline
8% increase in new Sunny sales, and drop in Super Saloon and Juke
Hyundai’s sales decline improves by 11%
Verna is topping sales with 4,774 units, and Elantra HD jumped from eighth place to third.
Ex-VW CEO investigated for market manipulation
German prosecutors say they have launched a formal probe into market manipulation by Martin Winterkorn, the former chief executive at Volkswagen, over his role in the German carmaker’s diesel emissions scandal
Lanos and Aveo lead Chevrolet’s retreat
The sales included five models: New Optra, Cruze, Lanos, Aveo, and GP52.