The Automotive Marketing Information Council (AMIC) reported a c38% Y-o-Y decline in passenger car (PC) sales to 9,664 vehicles in January 2016 (-c41% M-o-M). This marks the sixth consecutive monthly Y-o-Y decline in passenger car sales, with most companies citing FX shortages as the key market challenge. Total automotive market sales volume fell by c32% Y-o-Y reaching 15,391 units during January, with trucks declining by 18.4% and buses by 24.3%. GB Auto’s (AUTO.CA) combined passenger car sales volumes (Hyundai, Geely and Mazda) fell sharply by c47% Y-o-Y to 2,521. GB Auto’s passenger car market share dropped to c26% in January 2016 compared to c31% a year ago mainly driven by a c48% Y-o-Y contraction in Hyundai sales and a c42% decline in Geely volumes. (AMIC Egypt)   GB Auto: EGP2.26 as of 1 March 2016, Rating: Buy, FV: EGP5.00 per share, MCap: USD316 million, AUTO EY / AUTO.CA