Automotive manufacturers working in the Egyptian market are facing a potential shortage of manufacturing components, local news sources report.
The sources also said that the Egyptian Automotive and Trading Company, and MM Group for Industry and International Trade (MTI) have postponed the launch of some models in the local market, due to the lack of imported manufacturing components.
While the market is yet to confirm the news from official industry sources, the indications are, however, aligned with global developments.
Producers such as GM, Ford, and Stellantis (Fiat Chrysler) have witnessed production cuts due to a lack of semiconductor chips.
These parts are critical components for a range of functions in vehicles, including power steering, brakes, and infotainment systems.
The shortage of components, according to industry sources, is likely to result in the loss of revenues, estimated at more than $60bn, globally for the automotive industry.