Posted on 06 May 2011
In 2010 Turkey’s automobile industry became a dominant force within Europe, and early signs for 2011 show that this looks set to continue.
Car and light commercial vehicle sales grew 64% year on year in the first 4 months of this year according to new data from the Automotive Distributors Association (ODD). A total of 259,182 units were sold during the period, up from 157,982 in the same period last year the figures showed.
January saw the biggest growth; a surging 123%, while growth in the subsequent 3 months levelled off at 88%, 51% and 41.1% respectively. Cars are the strongest performer, with a 137% growth in sales of passenger cars in January. This, along with the growths of 88.9%, 59.1% and 47.3% in the following 3 months fuelled a 70.3% growth over the 4 months and left total car sales at 176,740 units during the period.
However, light commercial vehicles also performed incredibly well, with a 52% growth during the period, taking total sales to 82,542 units. These vehicles also saw growth taper off in the subsequent three months according to the data.
The decline in the rate of growth after January is being interpreted as a possible sign that credit growth is slowing in Turkey, which is of course good news amidst fears that the economy is overheating due to too much domestic consumption fuelled by easy credit.