The Automotive Marketing Information Council (AMIC) reported a c5% Y-o-Y increase in Egypt passenger car sales to 13,647 vehicles in May 2016 (+c18% M-o-M). This marks the first Y-o-Y increase in passenger car market volumes since July 2015 as they have been negatively affected by FX shortages. Total automotive market sales volume fell c6% Y-o-Y, reaching 18,876 units during May, with buses declining c36% and trucks c21%. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) rose c20% Y-o-Y, with its market share increasing to c39% in May 2016 compared to 34% a year ago, driven mainly by the launch of the new Chery models in 2016, of which it sold 766 units in the month and a c25% increase in Hyundai volumes. (AMIC Egypt)    GB Auto: EGP2.25 as of 03 July 2016, Rating: Buy, FV: EGP4.30 per share, MCap: USD277mn, AUTO EY / AUTO.CA