Egypt’s Car Imports Rise To $1.7B in 1st 8 Months of 2024

 Egypt’s car imports surged during the first eight months of 2024, totaling $1.692 billion, up from $1.155 billion during the same period in 2023.

This represents an increase of approximately $536.6 million, reflecting a growing demand for vehicles according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).

In August 2024, car imports experienced a sharp decline, falling to $156.1 million compared to $217.6 million in August 2023,a decrease of $61.5 million.

This drop contrasts with significant growth in other months, such as May 2024, when imports rose to $208.3 million, up from $180.9 million in May 2023, an increase of $27.4 million.

The Egyptian government is working to boost and revitalize its domestic automotive industry through various initiatives.

One key initiative is the relaunch of the Nasr Automobile Company after a 15-year pause. Initially founded in 1960, the company was Egypt’s first car manufacturer but ceased operations due to financial struggles and was slated for liquidation in 2009.

 This decision was reversed in 2016, paving the way for the company’s revival as a cornerstone of the country’s industrial and economic strategy.

The relaunch, overseen by Prime Minister Mostafa Madbouly, includes a strategic partnership with Singapore-Taiwanese Tron Technology and UAE-based Your Transit.

During the inauguration ceremony, a joint-stock company was established between the three parties to produce Egypt’s first electric minibus, designed for urban and tourism sector services.