Automotive sales in Egypt increased 49% year-on-year (y-o-y) in January 2021, but saw a downturn of 24% month-on-month (m-o-m), due to seasonality impact, recording 20,700 units. Passenger car sales increased 71% y-o-y, but were down 26% m-o-m due to seasonality impact, amounting to 14,900 units. Ghabbour Auto (GB Auto) reported that the total market share for Hyundai, Mazda, Geely, and Chery brands, for which it is the agent in Egypt, amounted to 16.5% in January 2021. This was down from 22.9% in January 2020, but flat m-o-m. The company's passenger car sales in January increased by 23.2% y-o-y, but were down 25.9% m-o-m, amounting to 2,400 units. The y-o-y growth was driven mainly by higher CKD sales (up 56%), while CBU was down 25% y-o-y. The m-o-m decline was driven by lower CBU sales to the extent of 36.5%, while CKDs declined 22%, implying good earnings y-o-y for GB Auto's automotive segment in the first quarter (Q1) of 2021. Regarding MM Group's car sales, the luxury brands saw sales volumes fall 49.5% y-o-y, but increase 69% m-o-m, amounting to 51 units in January 2021.
