Türkiye's automotive output falls 13.9 percent yr/yr last month
Date
8/20/2024 9:00:38 AM
(MENAFN) According to a report released on Monday by the Automotive Manufacturers Association (OSD), Türkiye's automotive production experienced a significant decline of 13.9 percent year-on-year in July, reaching a total of 116,569 vehicles. This drop reflects a challenging period for the sector, with production of passenger cars specifically falling by 7.7 percent compared to the same month last year, resulting in 81,434 units produced. Despite these setbacks in overall production, there was a notable increase in automotive exports, which saw a 9.2 percent rise, reaching 88,334 units.
In terms of revenue, Türkiye earned USD3 billion from vehicle exports in July, marking a 9.1 percent increase from the previous year. This growth in export revenue highlights the continued demand for Turkish-made vehicles in international markets, even as the domestic auto market faced significant contractions. The domestic market, in particular, experienced a sharp decline of 17.2 percent year-on-year, with total sales falling to 97,430 units.
Türkiye's automotive industry is home to several major international automakers, including Ford, Honda, Hyundai, Mercedes, Renault, and Toyota, all of which operate manufacturing facilities within the country. This makes Türkiye a crucial player in the global automotive market, contributing significantly to both production and export activities.
Looking at the broader trends for the year, Türkiye's vehicle production from January to July decreased by 5 percent compared to the same period last year, totaling 823,636 units. Passenger car production, in particular, saw a more modest decline of 2 percent, amounting to 542,177 units during the first seven months of the year. These figures reflect ongoing challenges in the automotive sector but also highlight the resilience of Türkiye's export-oriented automotive industry.
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