Turkish automaker Tofas to halt production for nine days due to shrinking demand

Turkish automaker Tofas to halt production for nine days due to shrinking demand
The entrance to Tofas' plant in Bursa, Anatolia, northwestern Turkey. / wiki commons.
By bne IntelliNews September 27, 2018

Turkish carmaker Tofas is to suspend production at its Bursa plant for nine days in October given the contraction in demand seen in its domestic market, the company said on September 26 in a bourse filing.

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 country, hit by economic turmoil most evident in its ongoing currency crisis, may face a steep recession in months ahead.

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 consumer sentiment reading saw its biggest decline in at least 14 years in September, falling 13% m/m. That was marked down as the sharpest monthly decline recorded since 2004 when the index was first compiled, and follows the 7% m/m drop posted in August.

The index figure of 59.3 registered in September was the lowest level seen since September 2015, data from national statistics office TUIK released on September 20 also showed.

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