Economy, Auto

Turkish Auto Sales Decline Continue

Turkish Auto Sales Decline ContinueTurkish Auto Sales Decline Continue

Turkish auto sales are likely to decline in the second quarter of 2017 due to ongoing concerns over a fall in buyers and a depreciating Turkish Lira making car prices more expensive, according the country's Automotive Distributors Association (ODD).

The revelation comes only a week after the first quarter sales in the country declined 7.36% year on year to 156,090 units sold in the country during that time, according to Reuters.

Passenger car sales were down 9.35% y/y to 115,963 while light commercial vehicle sales shrunk 1.08% y/y to 40,127, the report states.

Ongoing political concerns in the country in recent weeks following President Recep Tayyip Erdogan's slim win to turn his position into an executive presidency is starting to afflict the country's currency and by extension purchases.

Despite these issues, consumer confidence in the country increased in April by 5.1% m/m, however this is not translating into purchases.

In March, 55,616 passenger cars were sold against 63,975 units a year ago while 18,186 light commercial vehicles were sold in the month, down from 18,973 units sold in the same month of 2016.

Caption: Turkish car sales may become a victim of political turmoil.

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