NEWS Automotive        05/08/2020

Automotive sales in Turkey swells by 387.5% in July 2020

The Automotive Distributors Association (ODD) disclosed that sales of cars and light commercial vehicles in Turkey were 87,401 units in July 2020, an increase of 387.5% on the figure for the same month of the previous year. Sales of cars increased 350.9% to 69,427 units, and sales of light commercial vehicles increased 610.7% to 17,974 units in July 2020 compared with the same month of the previous year. In order to help boost automotive sales which had been lagging badly, and encouraged by the government which was in the process of gradually reducing its main policy interest rate, state and private banks started to introduce cheaper loan packages as of October 1st, 2019. Sales have since recovered subsequently, but the lockdown imposed due to the coronavirus pandemic in April and May has had an adverse effect on sales in those months. With the relaxation of lockdown restrictions in June 2020 and due to the generous loan package terms offered by the three state banks Ziraat Bank, Vakıfbank and Halkbank as from June 1st, 2020, there has been a surge of sales in June and July 2020. There has clearly been a backlog of pent-up demand following the lockdown, and it is unclear whether the improved June and July sales will continue into the following months. However, it should be noted that the Turkish economy fell into deep recession in July of 2019 such that car sales were only 15,398 units and light commercial vehicles were only 2,529 units in that month.

 

In the first seven months of 2020, sales of cars and light commercial vehicles in Turkey were 341,469 units, 60.3% higher than the figure for the same period of the previous year. Sales of cars increased 58.9% to 273,022 units, and sales of light commercial vehicles increased 65.8% to 68,447 units.

 

In the first seven months of 2020, sales of diesel automobiles were 42.1% and sales of automatic gearbox automobiles were 68.8%. Of commercial vehicle sales, 52,025 (76%) vans, 7,587 (11.1%) light trucks, 4,024 (5.9%) minibuses, and 4,811 (7%) pick-up trucks were sold.

 

In the year 2019, sales of cars and light commercial vehicles in Turkey were 479,060 units, 22.9% lower than the figure for the previous year. Sales of cars decreased 20.4% to 387,256 units, and sales of light commercial vehicles decreased 31.8% to 91,804 units. Sales in 2019 of diesel automobiles were 52% and sales of automatic gearbox automobiles were 66.5%. Of commercial vehicle sales, 66,704 (72.7%) vans, 10,838 (11.8%) light trucks, 7,203 (7.8%) minibuses, and 7,059 (7.7%) pick-up trucks were sold.

 

Click here for report (Turkish)

 

 

 



Turkey’s net minimum wage has been raised 15.04% to TL 2,324.70 (USD 391) as of 01.01.2020       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate remains stable at 11.77% in August 2020       Turkey’s official unemployment rate increases to 13.4% in June 2020       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,154,997 as of 2019 yearend       Foreigners visiting Turkey in 2019 increase by 14.1% to a record 45.1 million       Turkey’s private sector foreign debt is USD 189.8 billion as of 2019 yearend       Turkey’s economy grew by 0.9% in 2019