Egypt vehicle sales drop 23 per cent in year to June

Egyptian car sales dropped 23 per cent in the year to June but showed a 16.9 per cent climb on the previous month, official figures show.

Of the 17,300 vehicles sold in June, 13,600 were passenger cars, 1,100 buses and 2,621 trucks.

While passenger cars and trucks saw annual declines of 2 and 24 per cent respectively, bus sales were hardest hit, showing a 35 per cent decline.

Investment bank Beltone Financial earlier anticipated a steady growth in sales volume for GB Auto, Egypt’s only listed car manufacturer, throughout 2011.