Automotive Sector (Oyak Yatırım)

Passenger car and light commercial vehicle market increased by %62 y/y in March 2023
According to March data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 62% y/y to 103.9k units. While Passenger Car segment increased by 58% y/y to 79.2k units, Light Commercial Vehicle segment was up by 75% y/y to 24.7k units. Total sales increased by 28% m/m. In 3M23, the total Passenger Car and Light Commercial Vehicle Market increased by 55% y/y and reached 236k units. Based on our calculations, leading auto companies' March sales highlights are summarized below.
TOASO: Tofas' PC sales increased by 180% y/y to 15.1k units, while LCV sales were up by 54% y/y to 5.8k units, bringing cumulative monthly sales to 20.9k units, corresponding to an 128% y/y improvement. Total sales increased by 6% m/m. 3M23 total sales were recorded as 50.8k units. We calculate that in March, Tofas' market share in Turkish PC+LCV market reached to 20.2%, compared to March 2022's 14.3%. Positive.
FROTO: Ford Otosan's PC sales increased by 217% y/y to 2.9k units, while LCV sales were up by 100% y/y to 8.3k units, bringing total monthly sales to 11.2k units in March which indicates a 122% y/y of increase. Total sales increased by 38% m/m. 3M23 total sales reached to 23k units. As per our calculations, Ford Otosan's market share in Turkish PC+LCV market increased to 10.8% vs March 2022's 7.9%. Positive.
DOAS: Dogus Otomotiv's Skoda included total sales were up by 46% to 16.6k units, whereas Skoda excluded sales increased by 34% y/y to 12.3k units. Total sales were up by 66% m/m. 3M23 total sales, inc. Skoda sales, came in at 35.9k units, while 3M23 excluded Skoda sales were 25.9k units. We calculate that in March, Dogus Otomotiv's market share in Turkish PC+LCV market was slighlty contracted from March 2022's 17.7% to 16.0% in March 2023. Slightly Positive.


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