Egypt’s passenger car (PC) sales dropped c35% y-o-y to 14,512 cars in December compared to a c4% y-o-y drop in the previous month to 12,321 cars, according to a report by the Automotive Marketing Information Council (AMIC). Bus sales rose c79% y-o-y to 2,834 buses, according to the report. (AMIC) Our comment: This brings total local PCs sales during 4Q19 to 40,171 cars, c20% lower than a year earlier, but c11% ahead of our estimate of 36,346 cars. Initial numbers from the AMIC report point to total GB Auto (AUTO EY) sales of 8,238 cars, c3% lower than a year earlier, but largely in line with our 4Q19e estimate of 8,230 cars. This implies a total market share of 20.5%, which is 3.6 pp higher than a year earlier, but 2.1 pp lower than our estimate of 22.6%. 4Q19 Hyundai sales dropped c22% y-o-y to 5,139 cars, largely in line with our estimate of 5,210 cars. Geely sales dropped c56% y-o-y to stand at only 213 cars, compared to our estimate of 1,293 cars, while Chery sales came in 2.4x higher y-o-y, some c83% higher than our forecast of 1,505 cars during the quarter.