Automotive Distributors and Mobility Association

The profits of automotive companies listed on Borsa Istanbul plunged in the first nine months of 2024 even though vehicle sales remain robust.

Several factors, such as rising costs, a higher share of imported cars in the market and FX rates all eat into the auto companies' bottom line.

The combined sales of passenger cars and light commercial declined by 10 percent in May from a year ago, the Automotive Distributors and Mobility Association (ODMD) said on June 4.

Some 100,305 vehicles were sold in Türkiye last month, according to ODMD data. This followed the 22.3 percent contraction in the local auto market in April.

The combined sales of passenger cars and light commercial vehicles will likely reach a quarterly record of 300,000 in the January-March period, according to representatives of the auto industry.

In March alone vehicle sales could reach some 120,000 units, they said.

Türkiye's auto market expanded more than 57 percent last year from 2022, with passenger cars and light commercial vehicle sales hitting an all-time high of 1.23 million.

From January to December 2023, a total of 967,342 passenger cars were sold in Türkiye, marking a robust 63.2 percent increase from the previous year.

Industry and Technology Minister Fatih Kacır has called on Chinese carmaker Chery to invest in Türkiye.

He visited the production facilities of Chery, China's largest automotive exporter since 2012, Kacır wrote on X, formerly Twitter, on Dec. 21.

Representatives from the auto industry have voiced concerns over new regulations on EV imports, stating that cars may sit idle at customs for months before entering the Turkish market.