September contraction in the automotive market and expectations of 1.2 million units
Following the 24.33 percent contraction recorded in the automotive market in September, full-year sales forecasts are being reshaped.
Hakan Tiftik, Chairman of the Board of the Automotive Distributors and Mobility Association, stated that the contraction seen in the market in September exceeded expectations and that it is difficult to surpass 1.2 million units for the full year.
Contraction Experienced in September
The automobile and light commercial vehicle market declined by 24.33 percent in September compared to the same period of last year, realizing at 83,469 units. This rate revealed that the market experienced a stronger contraction process than expected.
Year-End Sales Expectations
Hakan Tiftik stated that the decline in the sector followed a sharp course and expressed that it seems difficult for the total market to exceed 1.2 million units throughout the year. Consumers' financing access conditions and the age of the vehicle fleet were among the prominent topics.
Financing and Price Developments
It was emphasized that loan penetration in automobiles dropped to the level of 2-3 percent, vehicle loan limits have not been updated for about four years, and SCT brackets have not been updated for about 14 months. It was noted that prices in foreign currency terms decreased along with campaigns.
Electric Vehicles and Charging Infrastructure
While it was stated that Turkey is above the European average in terms of the number of charging points per vehicle, it was expressed that consumer preferences generally lean towards electric models offering a range of 400 to 500 kilometers.