Turkish automotive industry hits production, export record
Turkey’s total automotive production reached all-time high levels in the first 11 months of 2017, rolling out 1.54 million vehicles with an increase of 16 percent compared to the same period of 2016, according to a new report from the Automotive Manufacturers Association (OSD).
In the same period, the sector’s car production also rose by 24 percent to 1.04 million, surpassing the 1 million-threshold for the first time in an 11-month time frame, according to the report released on Dec. 18.
Thanks to the its recent focus on export-oriented models and an ongoing growth in its main market, the sector has thus approached its annual 1.7 million output target, which was set for 2017.
The sector’s exports also hit 1.2 million with a 19 percent year-on-year increase, another record high level. The country exported 844,000 cars in the first 10 months of the year, representing a 28 percent year-on-year increase, the OSD report showed.
The sector, which exports almost eight of every 10 vehicles it produces, aims to reach 1.4 million units of exports by the year-end.
Turkey’s automotive exports were worth $26.5 billion in the mentioned period, with a 21 percent year-on-year increase on a dollar basis and a 20 percent increase on a euro basis.
However, the OSD report also showed that both production and export figures have started to slow down in the last couple of months due to the base effect from skyrocketing growth rates in the last months of 2016.