The Ministry of Finance will contribute to supporting the initiative by about LE 12 billion through several mechanisms, as the initiative gives a discount to goods within 20 percent.
Its total sales during the period from July to the end of last January amounted to about LE 455.4 million, compared to LE 722.13 million during the same period last fiscal year.
AMIC said that sales of locally assembled cars dropped 11.6 percent during the first half of 2019, recording 35,905 cars, compared to 40,624 cars during the same period of 2018.
AMIC said that passenger car sales dropped 10 percent to 41,154 cars, compared to 45,837 cars in the same month of 2017.
AMIC said that passenger car sales dropped 9 percent to 6,980 cars, compared to 7,703 cars in the same month of 2017.
Companies such as homegrown Geely (0175.HK) and Britain’s biggest automaker Jaguar Land Rover have already in recent days flagged caution about China sales in 2019, hit also by Beijing’s trade war with the United States.
AMIC said that sales of locally assembled cars jumped 18.5 percent during the first 10 months of 2018, compared to the same months of 2017.
The Automotive Market Information Council (AMIC) said that sales of cars rose 52 percent, selling 14,608 cars, compared to 9,615 cars in September 2017.
Sales of the Egyptian car market hiked by around 40 percent in the first half of the current year, compared to the same half of 2017.
Ahead of the deadline, many boosted financial incentives and registrations of their own new vehicles to be sold on the used car market, analysts have said.
AMIC added in a report that around 1,756 buses were sold in last July compared to 1,195 buses in July 2017.
Sales of locally assembled cars reached 48,219 vehicles in the first seven months of 2018, compared to 38,335 vehicles in the same period of 2017.
Sterling also rose versus the euro and was up 0.2 percent at 88 pence.
Sainsbury’s and Asda, the two British supermarkets planning to merge, had the slowest sales of the “big four” chains in the 12 weeks to April 22.
French automaker PSA Group posted a 42 percent increase in first-quarter revenue, lifted by its acquisition of Opel-Vauxhall.
GM will also no longer report monthly sales in China, its largest market, and Brazil.
Snap Inc on Friday said it cut 7 percent of its global workforce in March, as disclosed by it in a regulatory filing here.
Chinese car maker SAIC Motor is studying setting up a factory for car manufacturing in Egypt, Trade Minister Tarek Kabil said Sunday.
US music sales hit decade high as streaming soars.
Chinese carmaker Geely said on Wednesday its profits more than doubled in 2017, driven by strong domestic sales of popular SUVs.