Turkish auto market slightly trending upward in November
ISTANBULThe contraction of the ailing Turkish auto market slowed in November due to a slight recovery in sales during the month, according to figures announced by the Automotive Distributors Association (ODD).
Car and commercial vehicle sales rose 1.66 percent in November over the same month in 2013, with 80,621 vehicles sold, the ODD said on Dec. 3.
Sales plummeted by 14.2 percent in the first 11 months of 2014 due to a combination of several factors, including: currency rates, rising interest on loans, the higher special consumption tax (ÖTV) and loan limitations introduced the Banking Regulation and Supervision Agency (BDDK).
However, sales have slowly been recovering since July, due in part to the launch of new models in the light commercial vehicle market, as well as a reduction in commercial vehicle license fees introduced at the end of July, sector analysts say.
Under these circumstances, the ODD has maintained its forecast of 725,000-775,000 unit sales by the end of the year.