Turkey’s Tofaş makes 6-year-high exports in first quarter of 2016
ISTANBULTofaş, a joint venture between Turkey’s Koç and Italy’s Fiat Chrysler, announced on May 3 that it made the highest volume of exports in the first three months of the year since 2010 thanks to demand for its new Aegea (Egea) model.
While the company increased its car exports by 131 percent in the first quarter compared to the same period of 2015, it increased its light commercial vehicle exports by 8 percent, according to the statement.
Tofaş CEO Cengiz Eroldu noted that the European car market grew by 8 percent and light commercial vehicle market by 11 percent in the first three months of the year from the same period of 2015.
“Tofaş achieved the highest quarterly rise in exports in the last six years as it increased its exports to the European market by 40 percent in the first quarter of the year compared to the same period of 2015,” Eroldu said.
The company’s total exports rose to 58,000 units in the first quarter of the year by a 35 percent increase from the same period of 2015, mainly thanks to high demand to (Aegea) Egea/Tipo Sedan, he added.
The Egea project is composed of three new models, the first of which is a sedan model now being produced in the northwestern province of Bursa, as well as its hatchback model and a planned station wagon model. The company has recently started the production of a hatchback model of its Aegea family as well.
The project is named after the Aegean Sea, in honor of the “sea of fellowship.”
The Koç-FCA compact sedan is sold under the name “Tipo” in Europe, the Middle East and Africa. But in Turkey the car has been so successful that it will keep the name “Aegea” (Egea).
Tofaş posted net profits of 240.5 million Turkish Liras in the first quarter with a 17 percent increase compared to the same period of 2015.
The company produced 346,000 units of vehicles in the first three months of the year with a 4 percent increase from the same period of last year. Its production volume also increased to 79,000 units with a 22 percent rise in the mentioned period, surging its share in the automotive industry from 19 percent to 23 percent, according to the statement.
The company, which has started a three-shift working system since March, also added 1,300 new jobs, the statement added.