Boston, MA -- (ReleaseWire) -- 05/02/2014 -- Turkish vehicle production declined 10.8% year-on-year (y-o-y) in the first two months of 2014, to 158,182 units, despite a surge in passenger car output, on the back of sharp declines in commercial vehicle (CV) manufacturing. BMI forecasts a 2.4% increase in total vehicle output in 2014 due to sustained growth in the passenger car segment and a recovery in CV production.
Over the year to date, vehicle exports declined 7.5% y-o-y, to 120,711 units. Turkey has a number of strong fundamentals which should help to attract autos investment and boost production volumes over the longerterm. Its geographical location and Customs Union with the EU should facilitate growth in exports with the bloc and wages remain relatively competitive compared with other production hubs across Europe. Indeed, a number of international auto and supply manufacturers have recently invested in the country, in line with our bullish outlook. Furthermore, its domestic programme of transport infrastructure improvements has helped it emerge as the largest commercial vehicle market in the region and a prime location for commercial vehicle production and marketing.
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