The sale of US car brand Jeep on the Egyptian market increased by 50.1% in the first two months of 2016 despite Egypt’s ongoing erosion of foreign currency holdings.
A subsidiary of Fiat Chrysler Automobiles, Jeep sold 545 cars in January and February, compared to the 345 it sold in the same period in 2015. Jeep dealers sell three models on the Egyptian market: the Renegade, the Grand Cherokee, and the Wrangler.
The increase in sales was driven by the introduction of Jeep’s Renegade model which sold 198 units in its first months on the market.
However, the Jeep Grand Cherokee remained the most sold Jeep model in the Egyptian market, with 257 cars sold, a 43% increase compared to the same period in 2015 where it sold 180 units.
The Jeep Wrangler sold 90 models, a 51% decline in sales compared to 183 sold units in last January and February.
Jeep ranked 11th in the sale of passenger cars in February 2016, selling 229 units for 2% of the total Egyptian market.
Jeep has increased the price of its Grand Cherokee by EGP 61,000 to EGP 670,000. The Jeep Wrangler’s price increased by EGP 40,000, and the Jeep Renegade increased by EGP 25,000.
The Jeep and Fiat agent in Egypt, Fiat Chrysler Automobiles, has suspended reservations for the Jeep Grand Cherokee and the Jeep Renegade.
Hany Mousa, the sales representative at Ezz El-Arab Company, one of Jeep’s distributors in Egypt, told Daily News Egypt that the currency crisis has forced the company to no longer allow customers to reserve the two cars. He added that there is a possibility that the suspension will continue through the end of 2016, as the company is facing difficulties in pricing its cars.
The Ministry of Interior granted priority to the supply of Jeep Wranglers as it is the primary vehicle used by police forces. This priority has elongated the delivery of Jeep models to the consumer market, according to Mousa.