Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2025

Daily Sabah - Latest & Breaking News from Turkey | Istanbul

  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV
  • Business
  • Automotive
  • Economy
  • Energy
  • Finance
  • Tourism
  • Tech
  • Defense
  • Transportation
  • News Analysis

Ford Otosan beats forecasts with $646M profit in 2021

by DAILY SABAH

ISTANBUL Feb 16, 2022 - 3:20 pm GMT+3
A production line at the Ford Otosan plant in Gölcük, Kocaeli, northwestern Turkey, April 30, 2018. (Photo courtesy of Ford Otosan)
A production line at the Ford Otosan plant in Gölcük, Kocaeli, northwestern Turkey, April 30, 2018. (Photo courtesy of Ford Otosan)
by DAILY SABAH Feb 16, 2022 3:20 pm

Ford Otosan, the joint venture of U.S. automotive giant Ford and Turkey's largest conglomerate Koç Holding, on Wednesday reported a net profit of TL 8.8 billion ($646 million), beating market expectations of TL 6.7 billion, boosted by an upward trend in overseas sales.

The company increased its sales revenues by 44% in 2021 compared to the previous year and reached TL 71.1 billion.

Ford Automotive increased its overseas sales by 57% to TL 54.5 billion and increased its domestic sales by 12% to TL 16.5 billion. The company's operating profit increased by 96% compared to the previous year and reached TL 9.4 billion.

Ford, which sold a total of 361,600 cars in 2021, exported 288,500 of them abroad. While the company's capacity utilization increased by 4 points to 76%, it decreased by 26 points in the fourth quarter compared to the same period of the previous year and became 82%.

An evaluation from the company stated that profitability in 2021 was strong thanks to the strong export performance achieved despite the chip crisis, as well as pricing discipline, cost-reducing measures and effective expense management, exchange rate effect and export agreements.

While the company expects the total automotive market size to be between 800,000 or 850,000 in 2022, it predicts retail sales to be nearly 100,000. The company also predicts exports to reach around 360,000 and investment expenditures to reach 620 to 670 million euros ($705-$761 million).

  • shortlink copied
  • Last Update: Feb 16, 2022 4:50 pm
    KEYWORDS
    automotive industry turkey ford otosan car sales
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Landslide hits Peruvian town, buries dozens of houses
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • DS TV
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021