Turkish Auto Industry Grows by 19% in February

by IS_Indust

Following a 3% decrease in production the month before, the Turkish car sector produced over 133,000 automobiles in February, a robust 19.2 percent gain from a year earlier.

Data from the Automotive Manufacturers’ Association (OSD) showed that while the output of commercial vehicles increased by 3.6 percent year over year, the production of passenger cars increased by 32 percent to 84,000 units.
Last month saw a 31% growth in the local auto market, selling 111,000 vehicles overall, with passenger car sales increasing by almost 40% to exceed 82,000 units. Imports of passenger cars increased by 55% to 56,000 in February of previous year.

The industry produced 241,861 automobiles in total in the first two months of 2024, a rise of 8.1 percent over the same time in 2023. The output of passenger cars increased annually by 12.3% to 151,000 units. During January and February, Oyak Renault was the top manufacturer of passenger automobiles, per the association’s data. 33 percent of all automobiles produced by the company were 49,817 passenger cars produced in the first two months of 2024.

With a 27.6 percent share, or 41,750 passenger cars, Hyundai Assan came in second, followed by Totoya with a 23.8 percent share, or 35,905 automobiles. In just two months, 23,542 passenger cars—or 15.6% of the total—were produced by Tofaş.

Overall vehicle sales for the January–February period were 193,297, up over 40% from the same period last year, with the passenger car market growing by 52% to 146,000 units.

Over 89,000 vehicles were delivered by local automakers to overseas markets in January–February, representing a 13.6 percent yearly increase, while deliveries of passenger cars increased by 20.1 percent to approximately 56,000 units.
In the first two months of 2024, the industry’s export earnings were $5.5 billion, up 9.1% over the same period the previous year. Exports of passenger cars increased by 3% annually to $1.63 billion.

As part of the Trade Ministry’s “Distant Countries Strategy,” which aims to extend Turkish enterprises’ reach beyond the conventional export markets, a delegation from the Automotive Industry Exporters’ Association (OğB) recently traveled to Malaysia and Singapore to hold negotiations.

Thirteen Turkish companies participated in the operation, which was carried out from March 3 to March 10.
They had discussions with distributors, wholesalers, and importers of automobiles in Singapore and Malaysia.

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