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Official denies rumors that car prices will fall by 60% after Egypt joins BRICS

An official has debunked reports attributed to the Egyptian Automobile Manufacturers Association alleging a gradual decrease in car prices by 60 percent after Egypt joins the BRICS bloc.

A member of the Board of Directors of the Automotive Division of the General Federation of Chambers of Commerce Montaser Zeytoon explained in televised statements that nothing has changed in the Egyptian market to cause a decline in prices, even by ten percent.

Egypt’s accession to the BRICS group will be a lifeline for the auto sector in the event of production and export, he said, but noted that since Egypt neither produces nor exports cars, and instead depends on imports, car prices will remain unchanged.

Six new countries will join the BRICS economic bloc, as of January 2024, including three Arab countries: Egypt, Saudi Arabia and the UAE, in a step aimed at strengthening the alliance and strengthening its global role.

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