FAB «Al Awal» Daily Cumulative Return Fund for Liquidity is re-opened now for subscription till the allowed limit is reached. To invest in the fund, please visit the nearest branch, hotline: 19977

July 30, 2018

Egypt’s passenger car sales rose c70% y-o-y to 11,593 cars in June

  • Egypt’s passenger car sales rose c70% y-o-y to 11,593 cars in June compared to a c55% y-o-y increase to 10,994 cars in the previous month, according to a report by the Automotive Marketing Information Council (AMIC). Bus sales also rose c15% y-o-y to 1,314 buses, according to the report. (AMIC).

HC’s comment: Local passenger car (PC) sales grew c63% y-o-y to 32,981 cars in 2Q18, coming in c24% above HC’s estimate of 26,652 cars, with completely built-up (CBU) vehicle sales c64% above HC’s estimate, while completely knocked-down (CKD) vehicle sales were c10% lower than our forecast. Initial numbers from the AMIC report show Hyundai sales grew c98% y-o-y to 8,418 cars, c52% above HC’s estimate of 5,539 cars. This implies a market share of 25.5% for the quarter, which is 4.7 pp higher than HC’s estimate and 4.6 pp higher than a year earlier. Geely sales came in c85% lower than HC’s estimate (a c87% y-o-y drop) to stand at 78 cars, while Chery sales came in c16% lower than forecasted (c1% y-o-y drop) to stand at 1,226 cars in 2Q18. Mazda sales dropped c11% y-o-y to 214 cars, beating HC’s estimate by c18%. GB Auto’s (AUTO EY) total market share in 2Q18 stood at 30.1%, which is 1.3 pp above HC’s estimate, but 1.2 pp lower than a year earlier.