Auto production up 48 pct in July

ISTANBUL

Local carmakers’ production increased by 48 percent in July year-on-year to 135,400, according to data from the Automotive Manufacturers’ Association (OSD).

Last month, more than 88,000 passenger cars were manufactured, pointing to a 74 percent increase from a year earlier, while the commercial vehicle production rose by 16.7 percent to 47,200.

Oyak Renault was the largest producer in the passenger market as it accounted for 36.1 percent - or around 32,000 cars - of all production. Hyundai Assan ranked second with 23.8 percent or 21,000 cars, followed by Toyota at 20.8 percent or 18,381. Tofaş produced 16,698 passenger cars last month, claiming the fourth spot.

Despite a weaker local currency, passenger car imports soared 181 percent to nearly 66,000 in July, while imports of those vehicles grew more than 80 percent year-on-year in the first seven months of the year to 348,000.

The auto industry’s total output increased by 17.6 percent in January-July to more than 870,000. Passenger car production increased by 27 percent to 551,000.

The industry’s export revenues stood at $2.8 billion, rising 33 percent compared with July 2022, with passenger car exports rising 62 percent to $838 million.

From January to July, total exports amounted to $20.5 billion, up 16.7 percent from a year ago. Passenger car exports rose by 24 percent to $6.2 billion.