Boston, MA -- (SBWIRE) -- 09/10/2012 -- Developments in Turkey's autos industry in H112 were largely in line with predictions made by Mustafa Bayraktar, head of Turkey's Automotive Distributors' Association, in January of this year. As expected, we have seen a slowdown in the growth of the country's autos market - 144,000 vehicles were built in Turkey in January 2012, a decline of 8% year-on-year (y-o-y), while passenger car sales for the first five months of the year were down 12.13% in comparison to 2011, to 70,863 units. However, while we have made some downward revisions to our forecasts, BMI believes it is unlikely that such a contraction will continue into H212. Revised forecasts suggest that close to 951,995 vehicles will be sold in Turkey in 2012, an increase of 3.25% in comparison to 2011.
As identified in Q112, we can continue to observe an increase in the Turkish government's economic intervention. Government policy towards Turkey's autos industry has considered two general areas - encouragement of the use of more environmentally friendly vehicles, and boosting production. In March 2012, Turkey's Energy Minister announced plans to introduce tax cuts for those using newer, more fuelefficient vehicles. BMI is confident that a tax cut would help considerably with the renewal of the country's vehicle fleet. In addition to this, Turkey's Scientific and Research Council has announced plans to offer up to TRY5mn (US$2.76mn) over three years to companies carrying out research into newenergy vehicles. Policies such as these are also likely to benefit international automakers with local production facilities in Turkey, such as Italy's Fiat and France's Renault, both of which have a number of fuel-efficient passenger cars in their portfolios. Linked to this programme, in June 2012, Turkey's Minister for the Economy announced plans to incentivise local vehicle production in Turkey. The programme would entitle those planning to build at least 100,000 vehicles in the country a year to import A, B and C-segment vehicles free from customs tax, up to 15% of production capacity.
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