Turkey’s vehicle production plunges 34% y/y in August

Turkey’s vehicle production plunges 34% y/y in August
By bne IntelliNews September 17, 2018

Turkey’s auto production declined for a fifth consecutive month, plunging by 34% y/y to 47,175 units in August, data from the Turkish Automotive Manufacturers’ Association (OSD) showed on September 17.

The August drop, registered as Turkey's currency crisis and economic turmoil took hold, was the sharpest annual decline in Turkish vehicle production seen in the year to date. Annual vehicle production growth only moved into positive territory in February and March during the first eight months of 2018.

Across January-August, total vehicle production declined by 5% y/y to 1.03mn units while passenger car production alone fell 9% y/y to 683,069 units.

Total vehicle sales on the domestic market fell by 20% y/y to 455,943 units in the first eight months while export revenues rose by 12% y/y to $21bn despite a 4% y/y decline to 857,479 units in sales abroad.

The Turkish Automotive Distributors’ Association (ODD) previously reported on September 4 that car and light commercial vehicle (LCV) sales collapsed to just 34,346 units in August from 72,536 a year earlier.

Turkey's vehicle sales decreased by 2.8% to 983,720 units in 2017. The ODD forecasts auto sales of between 925,000 and 975,000 vehicles in 2018.

In 2017, Turkey’s auto production increased by 13% y/y to a record high of 1.67mn units thanks to rising exports. In 2016, the country’s automotive output increased by 9% to 1.49mn units.

 

 

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