Automotive industry

EU car sales fell 14% in the first half of this year as manufacturers continue to experience supply shortages, AFP reported.

As chip shortages still hamper production, sales of new cars in the European Union fell to 4.6 million, data from the European Association of Automobile Manufacturers showed.

Nearly 81,000 passenger cars and light commercial vehicles were sold in Türkiye last month, pointing to a 1 percent increase from a year ago, according to data from the Automotive Distributors' Association (ODD).

The country's automotive market expanded 19 percent in May.

Türkiye's first local car Togg, which is expected to be on the streets in the first quarter of next year, has been given a head start with a law decreasing the Special Consumption Tax (ÖTV) for electric cars of its class.

The total number of road motor vehicles registered in the country reached some 25.7 million at the end of May, the Turkish Statistical Institute (TUİK) has announced.

People who cannot afford a house as prices are rising fast are now buying cars to protect their savings, according to an executive of an automotive company.

Carmakers in Turkey may be forced to suspend production in May and June because of the supply problems that occur due to lockdowns China is imposing to bring the COVID outbreak under control.

H Koenigsegg ανακοίνωσε ότι το πρώτο μοντέλο Jesko Absolut βγήκε από τη γραμμή παραγωγής. 

High-end automaker Volvo has said that the global supply chain bottlenecks caused it to sell fewer cars, but that its profitability rose as it was able sell vehicles at higher prices.

Chinese-owned Volvo Cars said the global shortage of semiconductors caused sales and profits to fall in the last quarter of the year.

Nissan on Feb. 8 hiked its annual net profit forecast again on strong interim results, aiming to weather the global chip shortage as it shifts focus to electric vehicles.

The Japanese car giant now expects yearly net profit to March 2022 of 205 billion yen ($1.8 billion), having already tripled its annual profit outlook in November to 180 billion yen.

Turkey's Automobile Initiative Group (TOGG) has been picked as one of the best 20 brands showcased at the Consumer Electronics Show (CES) in Las Vegas earlier this month.

"Prestigious sectoral magazine Exhibitor has chosen TOGG one of the best 20 brands of CES among 2,300 participants," TOGG said on its Twitter account.