Turkish light-vehicle sales advance 89.75% during 2019
Turkish new light-vehicle sales advanced by 89.75% year on year (y/y) in January 2020 to 27,273 units, according to data released by the Automotive Distributors' Association (Otomotiv Distribütörleri Derneği: ODD). Of this total, passenger vehicle sales were up by 100.5% y/y to 22,016 units during the month, while light commercial vehicle (LCV) sales stood at 5,257 units, up 54.9% y/y. C-segment vehicles accounted for 66.1% of total passenger vehicle sales in Turkey, with sedans being the most preferred vehicle type, accounting for 48.2%. In the LCV segment, vans accounted for 72.02% of total sales in the full year, followed by light trucks with 13.4%, pick-ups with 6.5%, and minibuses with 8.0%.
Significance: The Turkish light-vehicle market has picked up momentum since September last year after being in a depressed state from January to August. In its January 2020 rate-setting meeting, the Turkish central bank once again cut its main policy interest rate, by 75 basis points to 11.25%. The policy rate is now below the prevailing, annual inflation rate. The low interest rate is indeed contributing to a rise in consumer demand. IHS Markit forecasts Turkish light-vehicle sales to increase 21.2% y/y to 581,000 units in 2020.
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