Auto sales slump to fresh low: November marked another rough month for auto sales, which fell to their lowest level since at least the start of 2018 as the industry continued to face import restrictions. Some 5.2k passenger vehicles were sold in November, down 74% from November 2021, according to figures released by the Automotive Information Council (AMIC).

How bad is 5.2k cars? It’s really, really bad. EGX-listed GB Auto sold just over 8.2k cars in 4Q 2019 (the last year before covid-caused supply constraints hit the market).

The downward trend continues: Passenger vehicle sales in November were the lowest ever recorded by our internal trackers, which include AMIC sales data going back to the start of 2018. Excluding the outbreak of the pandemic in April 2020, the November data marks the third consecutive month of record low auto sales. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

It was a disappointing month all around: Around 1.4k buses were sold in November, down 55% in comparison to November 2021. Truck sales dropped 64% y-o-y, also recording 1.4k units.

REMEMBER- Sales will likely pick up again this year after the central bank revoked import restrictions brought in last spring to conserve hard currency. Car sales fell through most of 2022 thanks to the restrictions, which made it almost impossible for distributors to bring fully built up vehicles, assembly kits, and spare parts into the country and forced a number of global car manufacturers to suspend sales to Egypt.

We might also see some new cars on the streets — though likely fewer than the government had initially hoped — through the expat car import scheme, which allows Egyptians living abroad to bring in cars using FX.

Have patience: It will take time for local assemblers to place and receive kit orders and for importers of fully built-up units to be able to pay for their orders — so don’t expect to get your hands on a new car before mid-2023.