Egypt’s total automotive sales were down marginally, in February, by 0.7% year-on-year (y-o-y) and 2.0% month-on-month (m-o-m).
The slight downturn was impacted by seasonality, in addition to postponement on the part of the customers, who are awaiting the new automotive initiative which is expected to kick off in April 2021.
Egypt’s automotive sector is also facing the risk of supply chain disruptions due to continuing global lockdowns, and a temporary supply shortage in semi-conductors.
Passenger car (PC) sales declined by 1.8% y-o-y, but were up 9.3% m-o-m, amounting to 16,600 units.
As for GB Auto (AUTO EY), the company’s total market share for Hyundai, Mazda, Geely, and Chery models amounted to 16.1% in February. This reflected and upturn from 13.5% in February 2020, but down versus 16.5% in January.
AUTO’s PC sales in February increased by 17.1% y-o-y and 6.4% m-o-m, amounting to 2,600 units. The y-o-y growth, was driven mainly by higher CKD sales, which were up 39%, while CBU was down 13% y-o-y.
The m-o-m increase, was driven by higher CBU sales to the extent of 34%, while CKDs declined 3%, implying good earnings y-o-y for AUTO’s automotive segment in the first quarter (Q1) of 2021.
On MM Group’s (MTIE) PC sales of the luxury brands Jaguar and Land Rover, sales volumes were down 42% y-o-y, but increased 20% m-o-m, amounting to 61 units in February