Turkish July automotive sales fall 16.3 percent

ISTANBUL

DHA Photo

The contraction in Turkish automotive sales slowed down in June, losing pace compared to previous months, according to figures released by an organization in the sector, which still showed the overall shrinkage remains near 25 percent.

Turkish automotive sales fell 16.3 percent to 59,907 vehicles in July, the Automotive Distributors Association (ODD) said Aug. 5.

The June data indicates a relative pick up in the market, as the decline in the market was 19 percent in June.

In the first seven months of the year, sales dropped 23.5 percent to 346,768 vehicles.

The currency rates, the rise in loan interest, the higher special consumption tax (ÖTV) and the loan limitation introduced by the banking watchdog BDDK was causing the steep plunge in the sector.

The presidential election process, the Central Bank’s tight monetary policy, geopolitical developments and the monetary policies of the central banks of Europe and the U.S. would all affect the market in the second half of the year.

Despite these factors, the ODD did not change its annual sales forecast of 650,000-700,000 vehicles over the course of the year.