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

Passenger car and light commercial vehicle market increased by %33 y/y in January 2023

According to January 2023 data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 33% y/y to 50,9k units. While Passenger Car segment increased by 28% y/y to 37,3k units, Light Commercial Vehicle segment was up by 49% y/y to 13,6k units. Based on our calculations, leading auto companies’ January sales highlights are summarized below.

TOASO: Tofas’ PC sales increased by 58% y/y to 7k units, while LCV sales rose by 22% y/y to 3,1k units, bringing cumulative monthly sales to 10,2k units, corresponding to a 45% y/y improvement. We calculate that in January, Tofas’ market share in Turkish PC+LCV market reached to 20% (Dec ’22:%19.9) versus January 2022’s 18.4%. Positive.

FROTO: Ford Otosan’s PC sales increased by 128% y/y to 625 units, while LCV sales were down by 15% y/y to 3k units, bringing total monthly sales to 3,7k units in January which indicates a 16% y/y contraction. As per our calculations, Ford Otosan’s market share in Turkish PC+LCV market declined to 7.2% (Dec ‘22 %10.3) vs January 2022’s 11.4%. Slightly negative.
DOAS: Dogus Otomotiv’s Skoda included total sales were up by 128% y/y to 7,3k units, whereas Skoda excluded sales increased by 106% y/y to 6,6k units. We calculate that in January, Dogus Otomotiv’s market share in Turkish PC+LCV market jumped to 18.3% (Dec ’22: %10.1) compared to January 2022’s 9.5%. Positive.


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