Dollar exchange rate forces increased automotive prices

Automotive companies increased the prices of 50 cars at the start of this month, in addition to an increase in 58 car prices in April, in light of the dollar exchange rate increase crisis. Automotive prices have also been affected by the Central Bank of Egypt’s (CBE) decision to limit the deposit amount to $10,000 a day and $50,000 per month.

Ghabbour Auto (GB Auto), agent of Hyundai, Geely and Mazda in Egypt, decided to raise prices for all car models, where Geely Emgrand 7 price increase by EGP 1,500 in April. The Geely Pandino and Geely X Pandino’s prices increased by EGP 3,000 in April, as well as another increase by EGP 1,500 at the beginning of May. The total increase for the cars is now almost at EGP 4,500.

On the other hand, Hyundai Verna’s price also increased by EGP 3,750 to EGP 83,600 in April and May, while the Hyundai Accent observed a price increase of EGP 3,590 to EGP 128,400. The price of the Hyundai I10 also rose to be at EGP 90,400, an increase of EGP 2,500 in April.