CMC Motors has announced that it is winding down operations and will eventually exit the Kenya, Tanzania and Uganda markets.
This, the firm said, follows sustained market challenges "including economic pressures, currency depreciation, and rising operational costs".
"However, despite restructuring efforts and a transformation programme initiated in 2023, the market conditions have not provided a sustainable path forward," CMC Motors said in a statement.
"The company is committed to supporting its employees during this transition and will ensure a smooth and orderly wind-down in adherence to all relevant agreements and regulations."
Its exit markes the end of over 40 years of operations in the region.
CMC Motors Group is owned by CMC Holdings Ltd and was acquired by the Al-Futtaim Group in 2014.
Unlock a world of exclusive content today!Unlock a world of exclusive content today!
