Page 64 - TURKRptFeb20

Turkey is Europe’s 5th largest automotive producer. Large local carmakers are usually joint ventures with global brands. Tofas is a JV between Turkey’s largest industrial group Koc Holding and Fiat and Ford Otosan is a partnership between Koc and Ford. Other large local carmakers include Honda Turkey, Hyundai Assan, Oyak Renault and Toyota Turkey.
In January 2020, the Automotive Distributors’ Association ( ODD) forecast 525-575,000 vehicles sales in 2020.
In July 2019, ODD cut its vehicle sales prediction for 2019 to 340,000-380,000 units from a previous 350,000-400,000 after tax cuts expired at the end of June .
In November 2019, the ODD hiked its sales forecast for 2019 to 450,000-500,000 after public lenders cut in October vehicle loans rates to 0.49-0.69% from the 1.40%s.
Vehicle sales declined by 23% y/y to 479,060 units 2019, the lowest level in 16 years.
In 2018, Turkey’s automotive market contracted 35% as a total of 620,937 units of passenger cars and light commercial vehicles (LCVs) were sold versus 956,194 units in 2017.
Turkey's Vehicle Industry
(units)
Dec
y/y
2019
y/y
P. Cars Production
94,991
16%
982,642
-4%
Total Production
135,775
10%
1,461,244
-6%
P. Cars Sales
70,829
16%
387,256
-20
Total Sales
92,847
16%
491,909
-23
P. Cars Imports
40,333
5%
230,078
-29%
Total Imports
49,125
4%
277,070
-30%
P. Cars Exports
71,937
11%
828,744
-5%
Total Exports
106,349
7%
1,252,586
-5%
P. Cars Exports (USD mn)
1,123
13%
11,865
-5%
Total Exports (USD mn)
2,589
3%
31,232
-3%
64 TURKEY Country Report OUTLOOK 2020 www.intellinews.com