The auto industry has agreed to raise domestic content in locally manufactured vehicles to 60% over the next eight years in the executive regulations of the automotive directive, Al Mal reports. The decision came at a meeting with the Industrial Development Authority (IDA) last week to discuss proposals for the regs. The Trade and Industry Ministry will the set quotas for domestic components for each year. It not clear if the Egyptian Automobile Manufacturers Association reached an agreement with the IDA on whether imported parts that contain some local content will be classified as a locally sourced goods, a sticking point for the association. The executive regulations are expected to be drafted by the end of November.

Meanwhile, the slump in the auto market continues with auto sales declining 25.8% year-on-year during 9M16, according to a report by industry group AMIC picked up by Al Borsa. Passenger car sales are down 25% y-o-y with 110k vehicles sold, while bus sales dropped 31% to y-o-y to around 17,300. Truck sales by 27% y-o-y to 27.6k units sold. (We understand that the situation isn’t quite that dire: Renault and BMW are reportedly not filing data to AMIC, and there continue to be reports of at least one group choosing to under-report sales.)