Turkish vehicle production and exports are set to hit a record this year as large investments in capacity last year yield results and sales to Europe increase, the head of Turkey’s automotive association has said.
Automakers spent US$4.5bn in 2013-2014 in a bid to raise production capacity, Kudret Onen, chairman of the Automotive Manufacturers Association, told Reuters.
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“The first half of 2015 has been the time in which these investments have started to bear fruit,” Onen said.
Production is likely to rise almost 5% this year to a record 1.225m vehicles with 925,000 for export, he said.
Last year, Turkish automakers produced 1.17 vehicles with 885,000m exported. Onen said he had not seen any impact so far from the Greek debt crisis, according to Reuters.
Onen also said the lifting of the Iran embargo would have a positive impact on the Turkish automotive sector.
“We are watching developments in Iran closely. It is an important export market for our parts industry,” he said. “The development of Iran’s automotive industry is important for Turkey.”
