Automotive Sector (Oyak Yatırım)

Passenger car and light commercial vehicle market increased by 37% y/y in June 2023

According to June data provided by Automotive Distributors Association (ODD), PC+LCV Market in Turkiye increased by 37% y/y to 110.9k units. While Passenger Car segment increased by 40% y/y to 89.8k units, Light Commercial Vehicle segment was up by 27% y/y to 21k units. Total sales remained flat m/m. In 6M23, the total Passenger Car and Light Commercial Vehicle Market increased by 55% y/y and reached 555.9k units. Based on our calculations, leading auto companies’ June sales highlights are summarized below.

TOASO: Tofas’ PC sales decreased by 20% y/y to 11.1k units, while LCV sales were up by 22% y/y to 5.2k units, bringing cumulative monthly sales to 16.3k units, corresponding to an 10% y/y contraction. Total sales were down by 17% m/m. 6M23 total sales were recorded as 104.1k units. We calculate that in June, Tofas’ market share in Turkish PC+LCV market contracted to 14.8%, compared to June 2022’s 22.5%. Slightly Negative.

FROTO: Ford Otosan’s PC sales increased by 233% y/y to 2.7k units, while LCV sales were up by 41% y/y to 8.2k units, bringing total monthly sales to 10.9k units in June which indicates a 64% y/y of increase. Total sales increased by 18% m/m. 6M23 total sales reached to 50.8k units. As per our calculations, Ford Otosan’s market share in Turkish PC+LCV market increased to 9.8%, compared to June 2022 level of 8.2%. Positive.

DOAS: Dogus Otomotiv’s Skoda included total sales rose by 16% to 12k units, whereas Skoda excluded sales increased by 19% y/y to 9.8k units. Total sales decreased by 20% m/m. 6M23 total sales, inc. Skoda sales, came in at 77k units, while 6M23 excluded Skoda sales were 59.2k units. We calculate that in June, Dogus Otomotiv’s market share in Turkish PC+LCV market was contracted from June 2022’s 12.8% to 10.8% in June 2023. Neutral.




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