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Honda Turkey is keeping a close eye on the current market movements, said Bulent Kilicer, the company’s general manager. “Depending on how things unfold, we may revise our production and sales projections for the last quarter.”
The used car market is likely to be positively affected by the currency’s weakness as the new car market suffers.
Demand for used cars will pick up which will result in higher prices, experts anticipate.
Combined sales of passenger cars and light commercial vehicles (LCVs) in Turkey ​surged​ 388% on an annual basis to 87,400 units in July​.
The passenger car market expanded 351% y/y with 69,400 units sold on the domestic market while LCV sales increased by 611% y/y to 18,000 units, data from the Automotive Distributors’ Association (ODD) showed.
In the first seven months of the year, vehicles sales rose more than 60% on an annual basis to some 342,000 units with passenger car sales increasing 59% y/y to 273,000. A total of 68,000 LVCs were sold on the domestic market in January-July, marking a 66% increase from a year earlier.
ODD forecast that total ​vehicle sales will be between 650,000 and 700,000 units this year​. In 2019, vehicle sales in Turkey stood at 479,000 units, declining 23% from the previous year.
Turkish automakers produced 118,000 passenger cars and light commercial vehicles (LCVs) in July, marking a 11.8% decline on an annual basis​, data from trading group OSD ​showed​.
The country’s passenger car output dropped nearly 10% y/y to 78,000 in the month.
The OSD, however, reported a 385% y/y increase in auto sales in July to 89,000 units with passenger car sales rising 351% y/y to 69,000 units.
Despite the sharp depreciation of the Turkish lira, the country’s auto imports rose by 389% on an annual basis to 49,000 in July. The import of passenger cars showed a 391% y/y rise to 42,000 units.
In the first seven months of the year, the country’s auto production declined by 27% y/y to 637,000 units while passenger car output fell by 24% y/y to 440,000.
Turkey’s auto market expanded 60% y/y with 351,000 units sold in January-July.
Carmakers’ export revenues declined 29% on an annual basis to $13.2bn in the first seven months of 2020.
9.1.3 ​Construction & Real estate sector news
Turkey saw a 124.6% y/y increase in homes sales in July​, with an all-time high of 229,000 units purchased, data from the official statistics office, TUIK, showed​.
Mortgage-financed home sales surged 900% to 131,000, accounting for 57% of all property sales in the month.
51​ TURKEY Country Report​ September 2020 ​ ​www.intellinews.com