The Automotive Marketing Information Council (AMIC) reported a c22% Y-o-Y decline in Egypt’s passenger car sales to 11,549 vehicles in April 2016 (-c6% M-o-M). This marks the ninth consecutive monthly Y-o-Y decline in passenger car sales, as FX shortages continue to limit supplies. Total automotive market sales volume fell c23% Y-o-Y, reaching 16,779 units during April, with trucks declining c19% and buses c31%. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) rose c25% Y-o-Y, with its market share increasing significantly to c45% in April 2016 compared to 27.9% a year ago, driven mainly by the new Chery models, of which it sold 901 units in the month and a c28% increase in Hyundai volumes. (AMIC Egypt)   GB Auto: EGP2.57 as of 02 June 2016, Rating: Buy, FV: EGP4.30 per share, MCap: USD317 million, AUTO EY / AUTO.CA