Sunday, 15 November 2015 16:01
ISTANBUL: The Turkish automotive industry has raised its year-end production and export targets to record highs thanks to a recovery in key European markets and investments that have expanded factory capacity, a manufacturers group said.
The Automotive Manufacturers Association (OSD) raised its production target to 1.325-1.350 million vehicles from 1.225 million it forecast in July, and its export target to 950,000-970,000 vehicles from 925,000.
“Thanks to R&D (research and development) and investment incentives in the past two years the industry increased its capacity 20 percent… Growth of the European market is helping as well,” OSD Chairman Kudret Onen told reporters on Friday.
Production next year could rise 5 percent barring an unexpected contraction in the local market, Onen said.
From January to October auto production, which includes cars, light commercial vehicles and trucks, rose 18.2 percent to 1.11 million vehicles compared with the same time last year, the association said.
Turkish auto makers invested a total of $ 4.5 billion in 2013-2014 to raise production capacity and introduce new models for sale in the local market as well as exports.
Car sales in the European Union, Turkey’s main market, grew 8.8 percent in January-September, according to European automobile manufacturer’s association data (ACEA).
Major producers in Turkey include Toyota Motor Corp , Renault joint venture Oyak Renault, Fiat Chrysler’s unit Tofas, Ford Otosan , and Hyundai Motor.
