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Wednesday, 31 January 2018

Is the car market finally turning the corner?

Is the car market finally turning the corner? A low base effect certainly helped, but: Car sales grew 17.3% y-o-y in December, making it the first month in 2017 in which sales rose substantially, according to a report by the Automotive Information Council (AMIC) report picked up by Al Borsa. The year-long slump in the auto industry, which saw passenger car sales decline 30% in FY2017 after the float of the EGP in late 2016, finally slowed in November, which saw a 0.4% increase in sales. Passenger car sales in December grew a sharp 21% y-o-y, with around 11,000 cars sold. Industry leader GB Auto held a 29% market share. By brand, Chevrolet cars topped sales in December with a 22% market share, followed by Hyundai (20%), and Renault (17%). AMIC member Raafat Masrooga said that 2018 should see a continuation of this rebound as the overall macroeconomic climate improves.

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