Türkiye's automotive industry sees 5% production drop

Türkiye's automotive industry – a key player in the nation's economy – has encountered a challenging period.

Recent data reveals a decline in production and mixed performance in exports, highlighting the industry's resilience and its ongoing struggles.

Automotive production sees 5% decline

• Total automotive production dropped by 5% year-over-year, reaching 823,636 units between January and July 2024.
• Automobile production specifically fell by 2% to 542,177 units.
• Including tractor manufacturing, the total production stood at 853,704 units.
• Commercial vehicle production was hit hard, with a 12% decrease overall; heavy commercial vehicles with an 18% decrease and light commercial vehicles with an 11% decrease
• Capacity utilization rates were recorded at; Light vehicles with 73%, trucks with 77%, buses and midibuses with 54%, and tractors with 69%.

Automative's export performance

• Automotive exports slightly dipped by 1%, totaling 581,865 units, compared to the same period last year.
  • Car exports rose by 1%, while commercial vehicle exports fell by 5%.
  • Tractor exports saw a sharp decline of 20%, amounting to 9,532 units.

Türkiye's leading sector: automotive

• Despite the production challenges, Türkiye’s automotive sector maintained its leading position in sectoral exports.
  • The sector held the top spot in exports with a 16% share of Türkiye’s total exports.
  • The total export value reached $20.7 billion, a 1% increase from 2023, while the Euro value remained steady at €18.9 billion.
  • The main industry exports held steady in dollar terms, while the supply industry exports grew by 3%.

Automative market overview in Türkiye

• The overall domestic automotive market remained stable, with sales totaling 698,368 units, a slight change from the previous year.
• The car market grew by 3%, with 536,351 units sold.
• The commercial vehicle market saw an 11% decrease, with heavy commercial vehicles declining by 9%.
• Local vehicles accounted for 30% of car sales and 31% of light commercial vehicle sales in Türkiye during this period.

August 17, 2024 03:48 PM GMT+03:00