Automotive output in Türkiye declines 10.4 percent annually in October
Date
11/11/2024 4:21:03 AM
(MENAFN) Türkiye's automotive production experienced a significant decline of 10.4 percent year-on-year in October, marking the eighth consecutive month of contraction in the sector, according to a report released by the Automotive Manufacturers Association (OSD). In total, Turkish automakers produced 121,970 vehicles last month, reflecting ongoing challenges in the automotive sector.
Passenger car production, which constitutes a large portion of Türkiye's automotive output, fell by 7 percent compared to the same month last year, reaching 85,155 units in October. While automotive exports, which include both passenger cars and commercial vehicles, showed a smaller decline of 1.4 percent, the sector still struggled with weaker production levels.
Despite the drop in production, Türkiye’s vehicle exports generated a notable USD3.5 billion in October, a 12.6 percent increase compared to the same month last year. This growth in export revenue offers some positive news for the automotive sector, showing resilience in international markets despite domestic production challenges. On the domestic front, however, the automotive market contracted by 4.6 percent, with total sales falling to 100,378 units.
Over the first ten months of the year, Türkiye's total vehicle production declined by 7.3 percent year-on-year, amounting to just over 1.1 million units. Passenger car production specifically saw a drop of 4.3 percent, with a total of 742,303 units produced between January and October. This extended period of decline raises concerns for the Turkish automotive sector, particularly as global and domestic economic conditions continue to evolve.
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