Turkey’s vehicle output increased 5% year on year to 1.08 million units over January-October despite temporary output cuts caused by microchip supply problems and revision works, showed the latest Turkish Automotive Manufacturers’ Association, or OSD, data published Nov. 12.
Turkey’s passenger car production fell 0.3% year on year to 633,369 units in the nine-month period, while commercial vehicle production increased by 12.6% on the year to 443,496 units.
Turkey’s vehicle exports rose 2.7% on the year to 779,317 units, while domestic sales declined 3.7% to 618,723 units, the data showed.
Turkish automakers have revised year-end export targets down by 30,000-40,000 units to around 1 million units, due to lower European demand expectations amid a recession risk, OSD Chairman Cengiz Eroldu said, adding that high special consumption tax on automobiles had a negative effect on domestic sales.
High inflation rates and climbing input costs, such as for energy, increased Turkey’s automobile prices in 2022.
Turkish HRC prices exceeded $1,200/mt mid-March, but have since declined on low demand and cheaper import offers. Platts, part of S&P Global Commodity Insights, assessed Turkish HRC at $655/mt ex-works Nov. 11.
— Cenk Can