Economic stability improves Turkish automotive industry

Economic stability improves Turkish automotive industry

Reports from the industry reveal that Turkey has again ascended to blooming countries level together with 100% growing automotive industry, as well as stabilized economy. Exchange rates taken under control, the decline in inflation and interest rates accompanied by structural reforms are the main reasons in regaining the consumer confidence. It is believed that the positive market conditions will be permanent this time. These economic developments definitely helped the automotive industry to improve with rise in sales and growth in the industry. Automotive producers, such as Renault and Toyota, which plan to produce new models in Turkey can be considered as an evidence of the aforementioned evaluation. Apart from Renault, planing to produce a new car model in Bursa, Turkey after Megane II Sedan as previously reported at SteelOrbis, Toyota Motors declared that they will initate the production of Corolla's MPV model at their plant in Adapazari, Turkey in April next year. According to a company official's statement, this model will only be produced in Turkey and be exported to all over in Europe. It is also stated that they target to increase production at Adapazari plant up to 120-140'000 unit, including production of this new model which is planned to be 60-80'000 unit. Moreover, international business development chairman of Fiat expressed that Turkey will be the first to be considered for production of a new model due to economic and political stability.