Car companies maintained their prices in July, except Hyundai, Nissan, and Chery. The increases of the three companies ranged between 1,500 and 11,000.
For the first time in years, car companies have not offered price cuts on their products during the holy month of Ramadan.
Auto companies expect that the sector’s sales will fall as a result of the Central Bank of Egypt’s (CBE) decision to raise the basic interest rate on the pound. Most automotive customers rely on loans to finance the purchase of their new cars, so the high interest rates will negatively affect the sales.
Sources in the auto sector confirmed that only 30% of the customers pay in cash, while the rest of them pay through loans, noting that the decision will lead car sales to continue to decline.
The sources added that the CBE’s decision will serve citizens who seek to save their money. However, those looking for investment, especially in the automotive sector, will be affected negatively.
Opel maintains prices unchanged for two consecutive months
German company Opel kept May prices unchanged in June and July. Opel had increased the price of its Corsa before June by EGP 5,000 to reach EGP 260,000, and had added during the same period EGP 20,000 to the price of the Cascada to register EGP 620,000.
New pricing list for Verna, Grand I10, Elantra, and Tucson
Korean Hyundai approved new price lists at the beginning of this month, adding EGP 1,000-3,500 on various models. It adjusted the price of the Verna by adding EGP 1,600. The company also increased the price of the i10 by EGP 1,900, settling at EGP 180,000, and the price of the Grand i10 by EGP 2,000, to reach EGP 230,000. The price of the Elantra HD were increased by EGP 2,000, with the base model now standing at EGP 225,000, while the price of the Elantra AD reached EGP 323,000, an increase of EGP 3,000. The cost of the Tuscon was increased by EGP 60,000, settling at EGP 445,000. Hyundai had adjusted the price of the Verna with manual gear last month to start at EGP 149,900, an increase of EGP 2,400 pounds, while the automatic trim of it cost EGP 174,000, down EGP 17,000.
Ford Focus records EGP 290,000 for the second month in a row
American brand Ford maintained the price of its models of last month. It increased the price of the Kuga and Focus models, adding EGP 20,000 to the Kuga to reach EGP 530,000, and it increased the price of the Focus by EGP 5,000 to record EGP 290,000.
Toyota keeps its prices unchanged for 3 months
Toyota maintained the prices of its vehicles for the third month in a row. In April, Toyota had added EGP 15,000 to the Corolla’s price, to register at EGP 340,000. It also increased the price of the Avanza by EGP 19,000, to reach EGP 399,000, and of the C-HR by EGP 35,000, to record EGP 560,000.
Chevrolet cuts price of Cruze by EGP 30,000
American carmaker Chevrolet maintained the price of its models in early July, except for the Cruze, which fell by about EGP 30,000, with the base trim standing at EGP 270,000.
Last month, Chevrolet had added EGP 10,000 to the price of the Aveo to reach EGP 183,600, and EGP 9,240 on the price of the Lanos to record a price tag of EGP 155,500. All the other models’ prices were the same as last month’s.
Mitsubishi prices remain stable
Japanese automaker Mitsubishi has not witnessed any price changes in June or early July, where the last increase was on the Pajero where its price saw a rise of 45%, making it reach EGP 1.6m. The prices of the remaining models were fixed at those of February, when the Lancer had witnessed an increase of EGP 10,000 on its price tag, to start at EGP 245,000 for the lowest trim, and up to EGP 275,000 for the higher trim.
Ghabbour Auto decreases price of Emgrand 7
Ghabbour Auto, the agent of Chinese Geely, decreased the price of the Emgrand 7 to EGP 150,000—down EGP 9,000. The Chinese brand had previously increased the price of the car in June to EGP 159,000—an increase of EGP 1,000.
Chery adds EGP 1,100 to the Envy and Tiggo
Chinese Chery increased the price of its Envy and Tiggo by EGP 1,100 to stand at EGP 136,000 and EGP 221,000 respectively. The company had increased the price of its Tiggo by EGP 49,000 in June to take the price to EGP 219,900, whereas the price of the Envy declined by EGP 10,000 to stand at EGP 134,900.
Mercedes GLA 200 priced at EGP 705,000
German brand Mercedes Benz stabilised the price of its models recorded in the past two months, with an EGP 40,000 increase on the GLA 200, taking its price to EGP 705,000 for the 2018 model.Stability in BMW
German brand BMW has stabilised the prices of its models in July as it did in June.
BMW had increased the price of its models to range between EGP 20,000 and EGP 40,000 in June. It increased the price of the 318 by EGP 20,000, putting its price at EGP 620,000. It increased the price of the 320 to reach EGP 780,000, and the price of the 330 to reach EGP 890,000.
Nissan Sunny starts at EGP 198,000
Nissan has added EGP 2,000 to all Sunny models, so prices now start at EGP 198,000, and the highest model is priced at EGP 218,000, whereas the Sentra’s price increased by EGP 11,000 to reach EGP 288,000.
Last month, Nissan added EGP 3,000 to all its Sunny models, so prices start at EGP 196,000, with the highest trim priced EGP 216,000. The Sentra’s price was increased this month by EGP 21,000 to reach EGP 277,000, and Qashqai increased by EGP 15,000 to reach EGP 400,000.
Picanto stable at EGP 230,000
The prices of Kia have been kept the same for the first time in 18 months without changes for the deliveries of May, June, and July.
Last year, Kia witnessed several changes for 18 months with March witnessing the last changes.
Daily News Egypt has learnt about the recent changes made by the company in April.
Kia reduced the price of all its its models, except for the Carens, which increased by EGP 10,000. The price of the Kia Carnival remained stable at EGP 1.55m.
The company deducted EGP 28,000 from the new Cerato’s price to reach EGP 314,900, and EGP 18,000 from the Rio to reach EGP 315,900.
The price of the Picanto decreased by EGP 15,000 to record EGP 229,900, the Soul was decreased by EGP 20,000 to reach EGP 429,000 for the highest trim. The price of the Sportage declined by EGP 20,000 to record EGP 519,900.
Renault uses May’s prices for July’s deliveries
French brand Renault has left the prices of its models stable in June and July.
In May, Renault had increased the price of its Logan model by EGP 15,000. The manual trim started at EGP 180,000 and the automatic one at EGP 205,000.
The price of the Renault Lodgy increased by EGP 8,000 to reach EGP 249,000, while the Captur and Kadjar increased by EGP 10,000, and the Sandero and Stepway by EGP 15,000.