Vehicle production in Turkey increased by 11.3% to 1,099,414 units in 2007, some 11.3% ahead of the previous year, according to figures released by Istanbul-based TSKB Research.
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Production was boosted by the thriving export sector – which expanded by 18% to 820,370 units in the period.
However, the domestic market declined in 2007, with sales down by 4.2% to 641,315 units.
Passenger car production last year increased to 634,883 units – 16.3% ahead of the previous year.
Ford Otosan – which makes light commercial vehicles mainly for export to the EU – was Turkey’s biggest producer with 286,356 units. Oyak Renault made 263,656 passenger cars in 2007.
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By GlobalDataOther significant producers last year included Tofas (212,493 units), Toyota (161,516 units), Hyundai Assan (90,190 units) and Honda Turkiye (23,663 units).
The TSKB Research note sounds a word of caution on the 2008 outlook for the domestic economy, pointing to a deceleration in Turkish economic growth.
Gunduz Findikcioglu, TSKB’s Chief Economist and Head of Research said in a note: “We [in Turkey] may see another weak growth year in 2008 as the world economy re-equilibrates. Furthermore, Turkey has no room left for fiscal stimulus, that opportunity being already lost in the political mayhem of 2007 prior to elections.”
Turkey’s growth as a vehicle producer stems mainly from its relatively low manufacturing costs, proximity to Western Europe and customs union with the EU.
