A total of 483,950 cars and light commercial vehicles were sold in Turkey during the period between January and July this year, statistics from the Automotive Distributors’ Association, or ODD, showed.
Sales grew 76.2 percent in the first quarter of 2011 and 36.6 percent in the second quarter. However, automotive sales increased only 2.55 percent in July, representing a slowdown contrary to the trend expected by market analysts.
Experts said the impact of measures taken by the Turkish Central Bank to keep loan growth at 25 percent had been felt in the country’s auto market since March and that they were the main reason for the slowdown in sales.
The ODD report on sales figures said the measures to curb loan growth would have a more powerful effect on Turkish automotive market in the second half of the year.
The ODD and the Automotive Industry Association, or OSD, announced earlier this year that they were expecting a record in Turkey’s automotive imports since 2004, with 70 percent of sales for passenger cars coming from abroad in just the first half of the year. The current record was set in 2004, when 71 percent of sales over the year were for imported vehicles. |
Source : hurriyetdailynews.com
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