The Egyptian automotive industry has seen a significant shift recently, bringing positive news for car enthusiasts. Following the liberation of the Egyptian pound, prices of 18 car brands in the Egyptian market have notably dropped by up to 23 percent, as reported by the Ashraq Business website.
Over the past two years, car prices had been on the rise due to import suspensions and limited supply caused by challenges in acquiring foreign currency. This led to a staggering five-fold increase in prices during that period. However, the tide seems to be turning now, offering relief to Egyptian consumers.
Ankush Arora, the CEO of Mansour Automotive, the exclusive distributor of multiple brands in Egypt, pointed out that the currency floatation has had a significant impact on the Egyptian automotive market, leading to price reductions ranging from 14 to 20 percent across most brands.
The majority of cars in the Egyptian market are either fully imported or locally assembled, and the stabilization post-currency liberation is now reflecting positively on prices.
A survey by Al Sharq Al Awsat revealed price reductions between 86,000 and 590,000 Egyptian pounds for 18 brands, encompassing around 43 models from the year 2024.
Some notable price reductions include Citroën cars dropping by 19.5 percent (500,000 Egyptian pounds per vehicle), Korean SsangYong cars decreasing by 22.7 percent (590,000 Egyptian pounds), and German Opel cars seeing a 20 percent decrease (525,000 Egyptian pounds). Other brands like Chevrolet, MG, Peugeot, Suzuki, Fiat, Seat, Toyota, Cobra, Ford, Chery, and Hyundai Accent RB also experienced price cuts ranging from 6.8 to 20.9 percent.
This downward price trend presents a unique opportunity for Egyptian consumers to access cars from various brands at more affordable prices, potentially revitalizing the Egyptian automotive market and offering a wider range of choices while fostering healthy competition among brands.