Auto sales hit a new low in January: Auto sales fell 75% in January compared to the same month a year before as import restrictions and an ongoing shortage of hard currency continue to weigh on the sector. Distributors sold some 5.4k vehicles were during the month, compared to almost 21.2k in January 2022, according to figures released by the Automotive Marketing Information Council (AMIC). This is the lowest since at least the start of 2018, per our internal trackers.

The breakdown: On a y-o-y basis, passenger car sales were down 80% to just 3.4k units, while bus sales were down 39% and truck sales were 62% lower. AMIC figures reflect data contributed by member distributors, who include most (but not all) industry participants.

Sales fell sharply on the month: January sales were down by a third from December, with passenger vehicles down 32% and bus volumes 40% lower. Only truck sales improved on the month before, rising 11% to 1.1k units.

REFRESHER- The auto industry has been struggling for the past year. Import restrictions last year made it practically 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. Total sales volumes fell more than a third in 2022, dropping from 290k vehicles in 2021 to 184k last year, with monthly sales volumes getting progressively worse as the year went on.

When will things start to look up? Though the central bank has already rolled back import restrictions brought in last spring to conserve hard currency, it’s going to take time before importers start clearing the thousands of fully assembled cars still stuck in ports, let alone place new orders. We expect sales to remain low into the summer.

Need a new car, stat? We’ve spoken to industry experts, and they’ve given us a list of locally-assembled 2023 models you can get your hands on right away. They’ve also let us know what you have to do — or how long you’ll have to wait — to get your hands on a model that’s currently in short supply.