ANKARA (Turkey), April 28 (SeeNews) – Turkey’s automotive industry expects that it will be unable to make sales worth up to $5 billion (4.59 billion euro) this year due to the Covid-19 outbreak, local media reported on Tuesday.
The country will manufacture between 250,000 and 300,000 fewer vehicles in 2020 as a result of significantly lower demand, both domestically and abroad, Hurriyet Daily News quoted Kemal Yazici, vice chair of Transport Vehicles Supply Industry Association (TAYSAD), as saying.
Yazici added that the supply industry alone will lose some $3 billion in turnover due to a decline in both exports and domestic sales.
Over a third of TAYSAD’s 450 member firms had halted production as of April 6. Some of the companies in the sector have resumed their operations since and the rest plan to restart production in the week starting May 4, Yazici said.
Uludag Automotive Exporters’ Association (OIB) data showed that Turkey’s automotive exports decreased by 10% year-on-year in the first quarter of 2020 to $6.98 billion as a result of the coronavirus outbreak, the report reads.
In March alone, the automotive industry’s exports fell by 28.5% to $2.1 billion.
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