Even in the face of adversity, the automotive industry in Turkey is on target with regards to its growth expectations. Although coronavirus has meant that all vehicle production is halted, Turkey expects more sales when production can start again in July.
Cardata, the automotive sector and analysis company, have recently released a report which confirms that the pandemic has not had any impact on the demand for vehicles in Turkey, in fact the long waiting lists have increased further because of the disruptions in supply and delayed deliveries.
Delivery of vehicles in Turkey
The report said that vehicle deliveries should resume in July when a sharp growth in the car market is expected to happen.
The general director of Cardata, Husamettin Yalcin, explained that whilst car dealers in Turkey will experience issues holding stock of new vehicles for the following three months, he did not foresee any impact to the yearly sales. Yalcin went on to say: “Despite impact from the coronavirus, we still maintain our estimated number of 710,000 cars sales in 2020 due to the deferred demand, low-interest rate and growth expectations.”
Why have car sales increased?
Yalcin explained that he believes the main reason behind the rising demand for motor vehicles in Turkey is due to more people wanting their own personal mode of transport for hygiene concerns. In March and April 2020, the company has estimated that there have been approximately 160,000 car sales in Turkey.
The prices of secondhand car sales have also seen an increase due to the low numbers of new vehicles available. Prices in the secondhand market have been over inflated by owners of the cars exploiting the shortages in the car market.
Car manufacturers around the world
As vehicle demands are increasing in Turkey, there are major disruptions in the supply all over the world with industry giants halting or scaling back their production. The director of global sales forecasts at LMC Jonathan Poskitt said that: “The impact of COVID-19 on the auto industry has gone well beyond the initial focal point of China, resulting in a downward forecast revision across most major markets.”
Fiat Chrysler, General Motors, and Ford, the big three American carmakers have halted their operations until the end of the month throughout North America in line with the auto workers’ union.
European carmakers including Volkswagen, BMW, Daimler, Fiat Chrysler, Peugeot Citroen, and Renault have shut down the majority if not all their manufacturing processes. In Europe, Ford and Nissan have closed their automotive facilities.
Recently Volvo, the Swedish based car manufacturers have closed all of their European and US factories, but reopened their factories based in China.
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