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

Passenger car and light commercial vehicle market increased by 115% y/y in July 2023

According to July data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 115% y/y to 112.5k units. While Passenger Car segment increased by 109% y/y to 85.9k units, Light Commercial Vehicle segment was up by 137% y/y to 26.5k units. Total sales remained flat m/m. In 7M23, the total Passenger Car and Light Commercial Vehicle Market increased by 63% y/y and reached 668.8k units. We see that the best sales numbers of the year have been achieved. Based on our calculations, leading auto companies' July sales highlights are summarized below.

TOASO: Tofas' PC sales rose by 17% y/y to 12.4k units, while LCV sales were up by 115% y/y to 6.9k units, bringing cumulative monthly sales to 19.2k units. The company's total sales increased by 40% y/y in July 2023 and totalled 19.2k units. Total sales also up by 18% m/m. 7M23 total sales were recorded as 123.4k units. We calculate that in July, Tofas' market share in Turkish PC+LCV market contracted to 17.1%, compared to July 2022's 26.4%. Slightly Positive.

FROTO: Ford Otosan's PC sales increased by 310% y/y to 2.1k units, while LCV sales were up by 138% y/y to 9.5k units, bringing total monthly sales to 11.7k units in July which indicates a 157% y/y of increase. Total sales increased by 7% m/m. 7M23 total sales reached to 62.5k units. As per our calculations, Ford Otosan's market share in Turkish PC+LCV market increased to 10.4%, compared to June 2022 level of 8.7%. Positive.

DOAS: Dogus Otomotiv's Skoda included total sales rose by 143% to 18.6k units, whereas Skoda excluded sales increased by 141% y/y to 16k units. Total sales jumped by 54% m/m. 7M23 total sales, inc. Skoda sales, came in at 95.6k units, while 7M23 excluded Skoda sales were 75.2k units. We calculate that in July, Dogus Otomotiv's market share in Turkish PC+LCV market was improved from July 2022's 14.7% to 16.5% in July 2023. Positive.


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