Boston, MA -- (SBWIRE) -- 01/29/2014 -- Turkish vehicle production increased 12% year-on-year (y-o-y) in November, to 113,678 units, as export volumes and the domestic market picked-up during the month following a brief period of weakness, in line with BMI's expectations. Over the first 11 months of the year, vehicle output increased 6% y-o-y, to 1,042,400 units. We expect to see a continued uptick in manufacturing in the country over the coming months on the back of increases in domestic and export demand. This has informed our 2013 forecast of a 6.4% increase in vehicle production.
In 2014, we forecast a 9.1% increase in total vehicle production in Turkey, as the domestic market continues to grow, albeit fairly modestly, and exports to a resurgent European market increase. Furthermore, the country has a number of strong fundamentals which should help to attract autos investment and boost production volumes over the longer term. Turkey's Customs Union with the EU should facilitate growth in exports to 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.
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