The decline of the Egyptian pound against foreign currencies has influenced the sales of passenger cars by the American trademark Chevrolet during the first quarter (Q1) of 2016, recording 3,192 units—a decline of 41% compared to Q1 2015 with 5,453 sold cars.
Sales included four models—New Optra, Chevrolet Cruze, Lanos, and Aveo—where New Optra managed to achieve a leap in its sales by 254% compared to Q1 2015, recording 1,200 units, causing a reduction in the decline of Chevrolet’s sales.
The sales of Cruze jumped to 947 units, ranking second with a growth of 236%, followed by Lanos which recorded sales of 535 units within three months, resulting in a 77% decline, compared to 2,320 cars sold during Q1 2015.
Aveo sales dropped by 80%—a first since its launch in the local market—where it stopped at 510 sold units, compared to 2,501 sold units in Q1 2015.
Chevrolet increased the price of its Optra model by EGP 8,000 in early May, and has reduced the price of N300 by EGP 7,800, whereas the prices of Aveo, Lanos, and Cruze remained the same.
Egypt is considered the third largest market in Africa and the second largest for General Motors in Africa.
General Motors Egypt has topped the Egyptian market throughout the past eight years, and its market share reached 24% by the end of 2015.