Hurriyet - Set to reach an annual sales figure of 900,000 cars at the end of the year, the Turkish automotive market is likely to close the year as the 5th biggest in Europe.
The industry received over USD 10 billion of investments in the last decade, resulting in production levels hitting 1.2 million units in 2011, up from 271,000 in 2001. Exports of the automotive sector have also quadrupled to 825,000 units in 2011, up from 2001’s 202,000, accounting for some USD 20 billion of the country’s expected total of USD 135 billion volume in exports. 2010 exports of the automotive industry stood at USD 17.4 billion.
Rising prosperity on the back of the record-breaking economic growth, -Turkey has grown 10.2 percent in the first half of the year- and low vehicle-per-capita rate, the country is one of the most promising in Europe. Standing 6th behind Spain in automotive sales as of November, Turkey is expected to finish the year as the 5th, as Turkey’s car market sees strong activity at the end of the year, while sales figures have been dropping in Spain.
The Turkish automotive industry aims to reach a 2 million-unit production capacity within the next 4-5 years, a goal shared by the government and the auto makers, hoping to export 1.5 million of its production.