Turkish automotive market records over 1M units sold for 1st time
Date
12/20/2023 3:52:04 AM
(MENAFN) In 2023, the Turkish automotive market achieved a historic milestone, recording over a million units sold for the first time, according to statements from top executives of automotive brands operating in Turkey.
Toyota's Turkish Marketing and Sales Director, Ali Haydar Bozkurt, highlighted that the total market for passenger cars and light commercial vehicles surpassed the one million mark for the first time.
Executives further noted that the Turkish automotive market is moving past a year where used cars were priced higher than new ones. They explained that in the previous year, cars were considered investment vehicles, and the availability of cars only stabilized after the first half of 2023, thanks to the Ministry of Commerce's implementation of "normalized" measures.
Looking ahead, Bozkurt expressed that 2024 is expected to be a year where companies will initiate campaigns whenever there is an opportunity in the market.
"The rise in vehicle prices, credit costs, and difficulties and restrictions in accessing credit may cause the market to shrink by 30 percent-35 percent. Therefore, including automobiles and light vehicles, a market volume of around 750,000-800,000 units may be realized," he further mentioned.
Ali Bilaloglu, the head of Dogus Automotive, a Turkey-based exporter, emphasized that the Turkish automotive industry possesses the ability to respond rapidly, derive insights from the challenges it encounters, and reconstruct its future plans accordingly.
Bilaloglu stated that they anticipate passenger car sales to reach 930,000 and commercial vehicle sales to achieve 270,000 by the end of the year. This projection would bring the total market to 1.2 million units, with an anticipated 30 percent contraction in the following year.
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