12/6/2010

Turkey's automotive industry expects all-time record

Hurriyet Daily News - The automotive industry is close to breaking a sector record for all-times sales this year, with an expected 735,000 passenger cars, said Ali Haydar Bozkurt, Chief Executive of Toyota Turkey. A total of 729,000 passenger cars were sold in Turkey in 2005, the previous record-setting year. The sector started the year 2010 with low expectations due to the economic crisis, Bozkurt told Anatolia news agency on Sunday in the southern Anatolian province of Adana. “We did not even set a target for 2009,” he said.

“Low interest rates in car loans helped the industry recover from the effects of the financial crisis and the markets started doing well without government support” added Bozkurt.

As 70 percent of passenger car sales in Turkey are made with bank loans, interest rates are vital for the industry, said the Toyota CEO. The low rates made automobiles much more accessible, he said.
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turkey; Turkish automotive sector; car sales; record sales; Toyota turkey; passenger car