Automotive Sector (Oyak Yatırım)

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

According to April data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 63% y/y to 97.7k units. While Passenger Car segment increased by 70% y/y to 77.4k units, Light Commercial Vehicle segment was up by 40% y/y to 20.3k units. Total sales decreased by 6% m/m. In 4M23, the total Passenger Car and Light Commercial Vehicle Market increased by 58% y/y and reached 334k units. Based on our calculations, leading auto companies’ April sales highlights are summarized below.

TOASO: Tofas’ PC sales rose by 118% y/y to 12k units, while LCV sales were up by 53% y/y to 5.2k units, bringing cumulative monthly sales to 17.3k units, corresponding to an 93% y/y improvement. Total sales contracted by 18% m/m. 4M23 total sales were recorded as 68k units. We calculate that in April, Tofas’ market share in Turkish PC+LCV market reached to 17.7%, compared to April 2022’s 14.9%. Positive.

FROTO: Ford Otosan’s PC sales increased by 167% y/y to 2.8k units, while LCV sales were down by 4% y/y to 4.8k units, bringing total monthly sales to 7.6k units in April which indicates a 25% y/y of increase. Total sales decreased by 32% m/m. 4M23 total sales reached to 30.6k units. As per our calculations, Ford Otosan’s market share in Turkish PC+LCV market decreased to 7.8% vs April 2022’s 10.2%. Neutral.

DOAS: Dogus Otomotiv’s Skoda included total sales rose by 46% to 14k units, whereas Skoda excluded sales increased by 41% y/y to 11.1k units. Total sales were down by 16% m/m. 4M23 total sales, inc. Skoda sales, came in at 50k units, while 4M23 excluded Skoda sales were 37.1k units. We calculate that in April, Dogus Otomotiv’s market share in Turkish PC+LCV market was slighlty contracted from April 2022’s 15.9% to 14.3% in April 2023. Slightly Positive.


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