Automotive Industry Production Volume Contracted by 22 Percent in March

Automotive Industry Production Volume

Automotive industry production volume contracted by 22 percent in March, with a sharp decline in exports. According to the March data released by OSD today, the automotive industry export volume fell by 19% to 30 thousand units in March due to the decrease in demand due to the drop in demand and delivery processes caused by the Covid-84 outbreak, while the 1Q20 cumulative export volume decreased by 14% year-on-year to 276 thousand. carried to pieces. Automotive industry production decreased by 22% year-on-year to 103 thousand units in March, while the 1Q20 production volume decreased by 6% to 341 thousand units. We would like to note that ODD's domestic market sales data (2% increase) were announced last week by March.

In March, the export volumes of Ford Otosan and Tofaş Factory contracted by 32% and 39%, respectively, on an annual basis. In 1Q20, Tofaş's export volume contraction was limited to 11%, while Ford Otosan's export volume decreased by 25% due to its high base effect.

We think that the figures in the automotive industry will worsen as of April due to the epidemic. After June, we can see normalization in the data of the sector. We foresee a 2020% contraction in both the domestic market and export sales volumes of the industry for 20.

Source: hibya news agency

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