Turkey's automotive market grew 50.3 percent in first quarter
by Daily Sabah
ISTANBULApr 04, 2015 - 12:00 am GMT+3
by Daily Sabah
Apr 04, 2015 12:00 am
The passenger car and light commercial vehicle market increased by almost 50.3 percent in the first quarter of 2015 compared to the same period last year, according to the Automotive Distributors' Association's (ODD) March report. In March, the market grew 75 percent.
In the first three months of 2015, the passenger car and light commercial vehicle sales hit 173,248. Last year during the same period, the total sales were 115,272.
Passenger car sales increased by 42.13 percent in the first three months of this year and a total of 126,991 cars were sold. In the same period last year, car sales totaled 89,347.
Additionally, the light commercial vehicle market grew by close to 80 percent. Total sales for light commercial vehicles were 46,257 compared to 25,925 in the first three months of 2014.
In line with the U.S. Federal Reserve's policy in the upturn of the U.S. economy, the possible increase in policy interest rates, the decision of the European Central Bank on monetary expansion to support financial recovery, geopolitical issues, the determination of the Central Bank of the Republic of Turkey in fighting against inflation, the developments in current transactions, the upcoming elections in June and developments in structural reforms will be the main factors that will influence the automotive industry, the report concluded.