The Automotive Marketing Information Council (AMIC) reported a c22% Y-o-Y drop in Egypt passenger car sales to 13,640 vehicles in July 2016 (-c12% M-o-M) after they have started showing signs of recovery for the first time in ten months in May 2016. Total automotive market sales volume fell c20% Y-o-Y, reaching 18,284 units during July, with buses declining c40%, while truck volumes increased c15% Y-o-Y. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely, Chery and Mazda) dropped c6% Y-o-Y, with its market share increasing to c40% in July 2016 compared to c33% in the same month last year, driven mainly by the new Chery model, of which it sold 525 units in July.  Meanwhile, Hyundai volumes declined c7% Y-o-Y, while Geely volumes dropped c60% Y-o-Y. (AMIC Egypt)   GB Auto: EGP2.34 as of 30 August 2016, Rating: Buy, FV: EGP3.80 per share, MCap: USD289mn, AUTO EY / AUTO.CA