The recent wave of car pricehikes raised the popularity of Chinese cars in the market, given their prices were 2.2% lower than other car brands, in light of the decline in sales in the automotive market by 27%.
The Automotive Marketing Information Council’s (AMIC) monthly report showed that by November 2016, Chinese cars recorded sales worth EGP 1.8bn, equivalent to12,000 cars, between January and November.
Honorary chairperson of AMIC Raafat Masrouga said that the recent wave of hikeschanged consumer segments.
Masrouga told Daily News Egypt that consumers who used to buy cars of medium-classnow tend to buy less expensive cars, which are representedin Chinese cars.
He explained that Egypt and China’s agreement to do business in local currencies will givecars imported from China a competitive price. This agreement is the perfect solution to the US dollar crisis.
GB Ghabbour Auto acquired 96.8% of the sales volume ofChinese carsin the market.
Chinese brands Geely and Cheryrecorded sales of about 11,500 units out of 11,900 units of total Chinese market sales over 11 months in 2016.
Chery Tiggo maintainedits lead in the Chinese automotive market by selling 4,322 units worth EGP 808m, followed by Geely Emgrand 7with sales of 3,688 cars worth EGP 466m.
Sherry Envy ranked third by recording sales of 3,536 carsworth EGP 472m, followed by Brilliance V5 with sales of about 355 cars that amounted to EGP 55.7m.
Brilliance S30 came in fifth placewith six cars worth EGP 588,000.
The Chinese brand Geelyincreased the price of its first class Emgrand 7 model by EGP 5,000 to reach EGP 164,000 earlier this month.
Ghabbour Auto decreased the price of Geely Pandino and Geely X Pandino by EGP 5,000.
Chery increased its Envy model by EGP 5,500 to reach EGP 153,500 and increased its Tiggo model by EGP 10,000 to register EGP 222,000.
Brilliance kept its V5 model price unchanged, which amounts to EGP 280,000.