Egypt recorded a 26.6% year-on-year (y-o-y) jump in total automotive sales, amounting to 213,200 units in 2020, registering a strong surprise recovery.
In the fourth quarter (Q4) of 2020, total automotive sales were up 37.4% y-o-y, and 27.4% quarter-on-quarter (q-o-q), standing at 78,900 units.
For December 2020, total automotive sales grew by 26.2% y-o-y, and 4.1% month-on-month (m-o-m), amounting to 27,200 units. Passenger car (PC) sales increased 32% y-o-y, amounting to 167,800 units in 2020. PCs were up 32.4% y-o-y, and 49.8% q-o-q, touching 60,200 units in Q4 of 2020.
In December 2020, PC sales increased 39.3% y-o-y, but were down 1.6% m-o-m to 20,200 units. As for GB Auto, the company’s total market share, covering Hyundai, Mazda, Geely, and Chery, landed at 17.6% in 2020, and 18.1% in Q4 of 2020. This reflected a downturn from the 20.5% reported in Q4 of 2019 and 18.2% in Q3 of 2020.
GB Auto also reported 16.5% in December, a downturn compared to the 18.5% of December 2019 and 18.9% in November 2020. GB Auto’s PC sales in 2020 were up 10.7% y-o-y, recording 29,600 units. This was driven by growth in CKDs of 55.7% y-o-y, amounting to 16,600 units, while complete built up (CBU) vehicles were down by 19.1% y-o-y amounting to 13,000 units.
Despite the decline in market share, GB Auto’s PC volumes in Egypt increased due to the overall strong recovery in the market. For Q4 of 2020, GB Auto’s total PC sales hit 10,900 units, growing by 32.2% y-o-y and 32.7% q-o-q, led by higher completely knocked down (CKD) vehicles’ sales which surged 67.9% y-o-y and 44.5% q-o-q to 6,400 units. During December, sales volume hit 3,300 units, growing by 24.0% y-o-y, but down 14.2% m-o-m.
With regards to PC sales at MM Group, the company’s luxury car brands Jaguar and Land Rover saw CBU sales volumes rise by 25.9% y-o-y, amounting to 869 units in 2020.
In Q4 of 2020, volumes were down by 35.2% y-o-y, but up 10.3% q-o-q, amounting to 171 units. During December 2020, volumes hit 86 units, declining by 14.8% y-o-y, but higher by 83% m-o-m, implying weak sales revenues for MTIE’s automotive segment in Q4 of 2020.