Auto output expands, exports strong in Q1

AUTOMOTIVE production in Türkiye expanded in the first quarter of the year with exports from the sector also maintaining upward momentum, the industry data showed Sunday.

The total automotive production in the first three months of the year surged by 3% compared to the same period last year, reaching 377,070 units, the data from the Automotive Manufacturers Association (OSD) revealed.

Accordingly, automobile production saw a 7% increase year-over-year, reaching 238,274 units. Together with tractor production, total production was realized at 390,925 units.

Commercial vehicle production in the first quarter of the year dropped by 4% versus the same period last year, while there was a 5% decrease in the light commercial vehicle group and a 1% increase in the heavy commercial vehicle group, respectively.

During this period, the capacity utilization rate of the automotive industry was 77%.

EXPORTS ON RISE

Meanwhile, the data also showed that the automotive exports rose 1% on the quantity basis in the first quarter of 2024, when compared to the same period last year, to 256,511 units.

During the period there was a fall of 2% in automobile exports versus the first quarter of a year earlier, while the commercial vehicle exports were up by 5% year-over-year in January-March.

Tractor exports dropped by 13% compared to the same period in 2023, at 4,562 units.

Overall, total automotive industry exports maintained its top position in the sectoral export ranking with a 14% in the first quarter of the year, according to the data from the Turkish Exporters Assembly (TİM).

The exports from the automotive industry stood at $9.2 billion in the first three months of the year, up 5% year-over-year, the data from the Uludağ Exporters’ Associations (UİB) data showed.

In the January-March period, the total market grew by 24% compared to the same period last year, reaching 307,461 units. During this period, the automobile market also reached 233,389 units, with a 33% increase.

Looking at the commercial vehicle market, there was a 2% increase in the total commercial vehicle market compared to the same period last year, a 3% growth in the light commercial vehicle market and a 1% decrease in the heavy commercial vehicle market.