Auto sales increase 15 percent in October

Auto sales increase 15 percent in October

Auto sales increase 15 percent in October

The combined sales of passenger cars and light commercial vehicles increased by 14.9 percent in October from a year ago to 65,222 units, the Automotive Distributors’ Association (ODD) reported on Nov. 2.

Passenger car market expanded 17.1 percent as sales in this segment amounted to 47,440. Last month nearly 18,000 light commercial vehicles were sold, pointing to a 9.5 percent from October 2021.

In the ten months of 2022, Türkiye’s auto market contracted 4.7 percent on an annual basis.

Passenger car sales were down 6 percent to 446,664 and light commercial vehicle sales fell 0.4 percent to 139,088 units.

In October, 883 electric vehicles were sold on the local market, rising 107 percent from a year ago. From January to October, electric vehicles sales increased 149 percent year-on-year to 4,399, which comprised only only 1.1 percent of all vehicles sold in Türkiye.

Meanwhile, Treasury and Finance Minister Nureddin Nebati said that state-owned banks will offer loans to help people buy Türkiye’s first domestically produced car Togg,

“Our president [Recep Tayyip Erdoğan] has given directives regarding the issue. We held meetings with public banks. Ziraat, Halkbank, Vakıfbank and participation banks will offer necessary incentives,” Nebati said in an interview with public broadcaster TRT Haber.

The minister added three state-owned lenders will provide loans at favorable conditions at low cost. He did not provide other details but said that that interest rates have already come down.

“Ministers and high-level bureaucrats will use Togg. The State Supply Office (DMO) is also involved. We have pledged guarantee of purchase,” Nebati added.

Togg will help Türkiye reduce its current account deficit, the minister also said.

The Togg plant in the Gemlik district of the province of Bursa was inaugurated on Oct. 29.

Togg plans on manufacturing 25,000 vehicles next year, Gürcan Karakaş its CEO said last week.

Togg vehicles will be introduced to the local market in March next year. The price of the vehicle is expected to be announced in February.

Automotive sales, Turkish, Economy,