Turkish vehicle maker Ford Otosan has revised its 2004 turnover target up to €3 billion ($US3.70 billion) from €2.5 billion amid growing demand, general manager Turgay Durak reportedly said.
Go deeper with GlobalData
Falling interest rates, which have made vehicle credit more attractive, were driving a sustained market revival after a slump following a 2001 financial crisis, Reuters reported, noting that, in 2003, Otosan turnover surged 151% to €1.817 billion, with vehicle sales totalling 137,631 units.
Durak told the news agency that his company, which produces cars and commercial vehicles, has raised its 2004 domestic sales target up to 130,000 units from 90,000 units in response to a pick-up in the market. Car sales were seen accounting for 60,000 of domestic sales.
“We estimate that the vigour in the domestic market will continue to increase further,” Durak told Reuters, which added that the manufacturer’s export target for 2004 was 135,000 units.
Ford Otosan, a joint venture between US car giant Ford Motor and industrial group Koc Holding became the biggest company within the Koc group in 2003 due to a rapid sales increase, the report said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataReuters reported earlier this week that Koc Holding’s net profit soared 725% year on year in 2003 due to what one analyst described as “lively” demand for its domestic automotive and consumer durable products.
