Turkey’s automotive sector starts the year at quick pace
Turkey's domestic automotive sales jumped 30 percent year on year to 29,838 units in January, despite adverse weather conditions across the country that hurt the economic activity. Both light commercial vehicles and passenger cars saw double-digit growth rates in January. Passenger car sales rose 42.3 percent year on year to 16,506 units in January. The low base effect, cut throat competition, wide availability of financing and extending maturities contributed to this significant growth. Light commercial sales amounted to 11,175 units in January, up 22 percent from a year earlier. Imports accounted for 73 percent of total passenger car sales, the highest figure in the last ten year. Imports also continued to increase in the light commercial segment, but made up 45 percent of the total figure. Passenger car exports amounted to 17,765 units in January. This figure indicates a sluggish growth rate of 2 percent compared to 17,355 units a year earlier. Light commercial vehicle exports rose 6 percent year on year to 17,805 units last month.