The prices of Nissan, Hyundai, Renault, Chery, and Opel have seen an increase of up to EGP 30,000 due to the recessio0n experienced in the Egyptian market, while other companies managed to stabilise their prices in May.
Despite the sale offers made by automotive companies in February and March, car sales declined by 46.5% in the first quarter (Q1) of this year compared to Q1 of 2016.
About 26,500 cars were sold in the first three months in 2017, compared to 49,600 cars during Q1 2016, according to the Automotive Marketing Information Council (AMIC).
The report also showed a decline in demand for private cars in Q1 2017 by 41%, recording 19,700 cars, compared to 33,400 cars during the same period in 2016.
Toyota had decreased some of its models’ prices in April. In the same month, Renault and Opel agents maintained the same prices they had in March, and Mercedes raised most of its models’ prices in the local market.
Daily News Egypt monitored the market, surveying prices of European, American, Korean, Chinese, Japanese, and Asian models in May.
The automotive industry started 2017 with price increases of 131 models across different renowned brands. This rise in prices came amid new estimates set by car companies on the cost of imported cars and their components in US dollars after the Central Bank of Egypt’s (CBE) decision to liberalise the exchange rate.
Despite the recession plaguing the market, agents decreased the prices of their models in an attempt to accelerate sales.
Opel increases price of Corsa and Cascada
In May, the German carmaker Opel has increased the price of its Corsa by EGP 5,000 to reach EGP 260,000, and added EGP 20,000 to the price of the Cascada to register EGP 620,000.
Opel keeps the price of its other models unchanged during the last two months
In January though, Opel increased the prices of several of its car models. The Astra’s price was increased by EGP 20,000 to register EGP 320,000, while the Corsa’s price saw an increase of EGP 15,000 to register EGP 255,000.
Opel added EGP 30,000 to the Insignia and Cascada prices to register EGP 450,000 and EGP 600,000 respectively. The price of the Meriva was increased by EGP 25,000 to register EGP 300,000, and the Mokka’s price increased by EGP 30,000, with a new price tag of EGP 360,000.
(DNE Photo)
Hyundai increases the prices of its models
Hyundai, meanwhile, increased the price of the Verna by EGP 2,500, and the i10 by EGP 30,000, settling at EGP 179,000.
Hyundai also increased the price of the Grand i10 by EGP 21,000, to reach EGP 228,000. The price of the Elantra AD rose by EGP 3,000, with the base model now standing at EGP 223,000, while the cost of the Tuscon increased by EGP 15,000, settling at EGP 505,000.
Last month, Hyundai decreased the price of the i10 by EGP 30,000, to reach EGP 148,900, and the Grand i10 by EGP 35,000, to record EGP 207,000.
The price of the Creta ranged between EGP 355,000 and EGP 412,000, while the Tuscon’s price ranged between EGP 409,000 and EGP 551,000.
Hyundai also cut EGP 50,000 from the price of the Accent, settling at EGP 240,000, and the Solaris by EGP 45,000 to reach EGP 245,000. The price of the i30 reached EGP 314,000, with a decline of EGP 35,000.
The price of the Elantra ranged between EGP 220,000 and 320,000, with discounts up to EGP 55,000, while the Verna’s base model decreased to EGP 144,900, after Hyundai cut EGP 29,600 off its price.
Ford maintains April prices
Daily News Egypt’s tour of American cars showed that Ford has maintained February’s prices. Ford had raised the price of its EcoSport by EGP 4,000, to record EGP 358,000.
In January, Ford increased the price of the Fusion by EGP 65,000, settling at EGP 540,000, while B-Max increased by EGP 35,000, to reach EGP 285,000.
Toyota Corolla stands at EGP 340,000
Toyota has maintained its prices in May. In April, Toyota had added EGP 15,000 to the Corolla’s price, to register at EGP 340,000. It also increased the price of the Avanza by EGP 19,000, to reach EGP 399,000, and of the C-HR by EGP 35,000, to record EGP 560,000.
Chevrolet keeps its prices unchanged
Chevrolet stabilised its prices in May, after they had witnessed some decline in early April. Chevrolet reduced the price of all classes of the Aveo by EGP 10,000, its price now standing between EGP 173,600 and EGP 182,700.
Chevrolet also decreased the price of the first class of the Optra by EGP 13,000, to reach EGP 209,000, and the Lanos by EGP 5,000, settling at EGP 150,200.
Stability in Mitsubishi prices after an increase in the Pajero price
The models of the Japanese brand Mitsubishi have not witnessed any changes in prices in May. The last change was a 45% increase on the price of the Pajero. The car now has a price tag of EGP 1.6m.
The prices of the rest of the models have not changed since February, when EGP 10,000 was added to the price of the Lancer, to start at EGP 245,000 in the first category and EGP 275,000 for the higher category.
Emgrand 7 price stable at EGP 158,000
The Chinese brand Geely has fixed the price of the Emgrand 7 at EGP 158,000.
Geely added EGP 8,000 to the price of Emgrand, where the car reached EGP 180,000, then reduced the prices by EGP 22,000 in early April, to settle at EGP 158,000 without increases in early May.
Tiggo jumps to EGP 215,000
The price of the Chery Tiggo has increased by EGP 5,000, reaching EGP 215,000. The price of the Chery Tiggo at the end of March was reduced by EGP 37,000, to reach EGP 210,000. The Envy’s price was also decreased by EGP 24,500 in March, to record EGP 145,000. There was no increase in both cars’ prices in May.
More than a month ago, the agent added EGP 8,000 to the price of the Envy, to reach EGP 169,500, and EGP 15,000 to the Tiggo, to reach EGP 247,000.
The Mercedes B180 reaches EGP 555,000, an EGP 11,000 increase
The German brand Mercedes had increased the price of the model B180 by EGP 11,000, to reach EGP 555,000.
The last increase to the prices of other models was in March, where the C180 recorded an EGP 37,000 increase, reaching EGP 872,000. About EGP 10,000 was added to the price of the CLA180, taking the price to EGP 565,000.
The price of the E180 increased by EGP 215,000, to reach EGP 1.25m, while the GLA200 increased by EGP 39,000, to reach EGP 626,000.
BMW fixes its prices for the third month in a row
The German brand BMW has fixed the prices of its units over the past three months. In February, BMW increased the prices of its models by EGP 15,000 and EGP 106,000, whereas increases in January ranged between EGP 25,000 and EGP 450,000.
Nissan continues the increase
Nissan has continued to increase the prices of its cars after the reduction witnessed last month.
In May, the price of the standard Sunny increased by EGP 5,000, to reach EGP 193,000. This was followed by the Sentra, with an increase of EGP 1,000, recording a price of EGP 256,000.
The Juke Platinum witnessed the highest increase, by EGP 25,000 to reach EGP 385,000.
Last month, Nissan reduced the price of the Sunny’s highest-level trim by EGP 5,000, making it reach EGP 188,000, and the Sentra’s highest-level trim was reduced by EGP 10,000, recording EGP 255,000, while the price of the Juke Platinum was fixed at EGP 360,000.
Kia without changes for the first time in a year and a half
The price of Kia models have stabilised for the first time in a year and a half without changes in May.
Kia has witnessed several changes over the past year and a half, with the most recent change in March, where prices were reduced by nearly EGP 50,000 before a later increase in the same month.
There have been recent price changes in April. Kia has reduced the prices of all its models, except for the Carens, which increased by EGP 10,000, and the Carnival, whose price was fixed at EGP 1.55m.
The company has decreased the price of the New Cerato by EGP 28,000, to reach EGP 314,900, while the Rio was reduced by EGP 18,000, reaching EGP 315,900.
The price of the Picanto has decreased by EGP 15,000, recording EGP 229,900, while the Kia Soul decreased by EGP 20,000, reaching EGP 429,000 for the highest-level trim. The price of the Sportage declined to EGP 20,000, recording EGP 519,900.
Renualt increases Logan’s price by EGP 15,000
The French brand Renault has increased the price of its car Logan by EGP 15,000 this month, where the price of the Logan with manual gear starts at EGP 180,000, and the automatic version at EGP 205,000.
Renault increased the price of the Lodgy by EGP 8,000 to reach EGP 249,000, and the price of the Sandero and Stepway by EGP 15,000.