Turkey’s automakers produced 109,854 units in January, marking a very slight 0.1% y/y decline, according to business group OSD.
Passenger car production moved up 5.6% y/y to 73,400 units, while light commercial vehicle (LCV) output dropped 10.6% y/y to 34,400 units.
Underlining the emergence of stronger consumer demand seen for vehicles in an economy stoked by aggressive monetary easing and looser fiscal policy, the country’s passenger car imports leapt 102% y/y to 14,000 units in January, when vehicle sales (passenger cars and LCVs combined) on the domestic market jumped 89% y/y to 28,000 units.
The OSD also reported that sales of passenger cars climbed nearly 101% y/y to 22,000.
Cheaper loans apparently fuelled renewed consumer appetite for cars.
Car loans stood at Turkish lira (TRY) 6.7bn as of February 7, up from TRY6.3bn a year ago, according to the latest figures from banking industry regulator BDDK.
The interest rate on car loans dropped sharply from 28.5% at the start of 2019 to 13.5% as of February 7.
Data from the trade group showed that the industry shipped a total of 60,000 vehicles to foreign markets, collecting $2.5bn in export revenues in January, a 3.5% increase on the same month of 2019.
Passenger car exports, alone, stood at $1.03bn, marking a 27.2% rise on an annual basis.