Union: Turkish January-April auto sales up 57 percent

Turkish automotive sales rose 57 percent to 264,850 vehicles in the first four months of the year, data from the Automotive Distributors’ Association (ODD) showed on Wednesday.

Sales rose 72 percent to 91,602 vehicles in April, the data showed. The Turkish market for light commercial vehicles and automobiles expanded 72 percent in April, the ODD said on Wednesday. The Turkish automotive market experienced a sharp contraction in the first six months of 2014, and so the rapid growth this year is partly attributed to the low base for the calculation.

In late January of last year, the Turkish Central Bank hiked interest rates sharply, a move which pushed vehicle loan costs up. The decline in value of the Turkish lira during the period also made cars and trucks more expensive in the country. These conditions caused many consumers and businesses to delay purchases during 2014.

SOURCE: TODAY’S ZAMAN