Production in Turkey’s automotive sector fell 13 percent year-on-year in the first six months of the year to 735,062 vehicles, the Automotive Industry Association (OSD) said, according to Reuters.
Total exports in the automotive sector decreased 8 percent in the same period, standing at 634,768 vehicles, with automobile exports contracting 9 percent, the OSD said.
The total value of automotive exports fell by 12 percent, to $5.8 billion, due to currency fluctuation.
Total domestic sales of the sector slid 45 percent in the first half of the year and stood at 200,901 vehicles, the association said, despite tax cuts by the government to encourage purchases.
Turkey survived a currency crisis in the summer of 2018 when its currency lost some 40 percent of its value against the US dollar.
Source: Turkish Minute