Automotive Sector / February 2023 domestic market data (Oyak Yatırım)

Passenger car and light commercial vehicle market increased by %63 y/y in February 2023

According to February data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 63% y/y to 81.1k units. While Passenger Car segment increased by 56% y/y to 58.9k units, Light Commercial Vehicle segment was up by 85% y/y to 22.2k units. Total sales increased by 59% m/m. In 2M23, the total Passenger Car and Light Commercial Vehicle Market increased by 50% y/y and reached 132k units. Based on our calculations, leading auto companies’ February sales highlights are summarized below.

TOASO: Tofas’ PC sales increased by 252% y/y to 13.3k units, while LCV sales were up by 99% y/y to 6.4k units, bringing cumulative monthly sales to 19.7k units, corresponding to an 182% y/y improvement. Total sales increased by 94% m/m. 2M23 total sales were recorded as 29.8k units. We calculate that in February, Tofas’ market share in Turkish PC+LCV market reached to 24.3%, compared to February 2022’s 14.1%. Positive.

FROTO: Ford Otosan’s PC sales increased by 139% y/y to 1.6k units, while LCV sales were up by 59% y/y to 6.5k units, bringing total monthly sales to 8.1k units in February which indicates a 70% y/y of increase. Total sales increased by 122% m/m. 2M23 total sales reached to 11.8k units. As per our calculations, Ford Otosan’s market share in Turkish PC+LCV market increased to 10.0% vs February 2022’s 9.6%. Positive.

DOAS: Dogus Otomotiv’s Skoda included total sales were up by 64% to 10k units, whereas Skoda excluded sales increased by 27% y/y to 7k units. Total sales were up by 7% m/m. 2M23 total sales, inc. Skoda sales, came in at 19.2k units, while 2M23 excluded Skoda sales were 13.6k units. We calculate that in February, Dogus Otomotiv’s market share in Turkish PC+LCV market was flattish with February 2022’s 12.3%. Slightly Positive.
 
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