Automotive Sector / May domestic market data (Oyak Yatırım)

Passenger car and light commercial vehicle market increased by 71% y/y in May 2023

According to May data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 71% y/y to 111.4k units. While Passenger Car segment increased by 68% y/y to 87.2k units, Light Commercial Vehicle segment was up by 80% y/y to 24.1k units. Total sales rose by 14% m/m. In 5M23, the total Passenger Car and Light Commercial Vehicle Market increased by 60% y/y and reached 445k units. Based on our calculations, leading auto companies’ May sales highlights are summarized below.

TOASO: Tofas’ PC sales grew by 50% y/y to 14.5k units, while LCV sales were up by 39% y/y to 5.2k units, bringing cumulative monthly sales to 19.7k units, corresponding to an 47% y/y improvement. Total sales rose by 14% m/m. 5M23 total sales were recorded as 87.8k units. We calculate that in May, Tofas’ market share in Turkish PC+LCV market contracted to 13.6%, compared to May 2022’s 15.5%. Slightly Positive.

FROTO: Ford Otosan’s PC sales increased by 133% y/y to 3.2k units, while LCV sales were up by 49% y/y to 6.1k units, bringing total monthly sales to 9.2k units in May which indicates a 70% y/y of increase. Total sales increased by 21% m/m. 5M23 total sales reached to 39.9k units. As per our calculations, Ford Otosan’s market share in Turkish PC+LCV market was realized at a flattish view with the May 2022 level of 8.3%. Positive.

DOAS: Dogus Otomotiv’s Skoda included total sales rose by 50% to 15.1k units, whereas Skoda excluded sales increased by 41% y/y to 12.3k units. Total sales were up by 8% m/m. 5M23 total sales, inc. Skoda sales, came in at 65k units, while 5M23 excluded Skoda sales were 49.5k units. We calculate that in May, Dogus Otomotiv’s market share in Turkish PC+LCV market was contracted from May 2022’s 15.4% to 13.6% in May 2023. Slightly Positive.



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