FINANCIAL NEWS

Egypt’s car market to lose 40pct of sales in H1 this year

18 Apr 2017

(MENAFN) Car sales in the Egyptian market will be as much as 40 percent lower than amid the first half of last year as a result of the recession that hit the sales in the first quarter of this year.

Accordingly, firms are now selling the stock that has been piling up, which came after a fall in sales over the course of the past four months.

Additionally, most cars will see their prices hike more in the coming months, while the firms have to import 2018 models, which mean higher costs and record-high prices.

Furthermore, the companies will also be obliged to lower their prices or offer discounts in the second half of the year to sell the stock of their 2016 and 2017 models.

MENAFN1804201700450000ID1095401153

MENAFN1804201700450000ID1095401153

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