Automotive Ekports December 2024

Monthly automotive aftermarket magazine
GROUP CHAIRMAN
H. FERRUH ISIK
PUBLISHER:
İstmag Magazin Gazetecilik
İç ve Dış Ticaret Ltd. Şti.
Managing Editor (Responsible)
Mehmet Söztutan
mehmet.soztutan@img.com.tr
Advertising Sales Consultant
Adem Saçın
+90 505 577 36 42
adem.sacin@img.com.tr
Enes Karadayı
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International Marketing Coordinator
Ayca Sarioglu
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Finance Manager
Cuma Karaman
cuma.karaman@img.com.tr
Digital Assets Manager
Emre Yener
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Technical Manager
Tayfun Aydın
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Graphic & Design Advisor
Sami aktaş
sami.aktas@img.com.tr
Accountant
Yusuf Demirkazık
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Subscription
İsmail Özçelik
ismail.ozcelik@img.com.tr
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Automechanika Dubai time!
Türkiye has become a major production platform for global automotive
manufacturers since the full integration to the European Customs Union in 1994.
The industry with its large capacity, wide variety of production and high standards,
supports automotive industry production and the vehicles in Türkiye and also has
remarkable potential for additional exports.
The leading foreign automotive parts manufacturers have established their presence
in the country through joint-ventures. There has also been substantial locally-owned
investments by spare parts manufacturers.
As for the Turkish automotive industry, we can say that:
- Quality of production improved dramatically, especially through the establishment
of quality management systems.
- The industry has adapted to the EU regulations and has established an efficient
and exemplary cooperation with public institutions in the transformation of the EU
regulations to national regulations.
- Exports have risen sharply, and Turkish production has been integrated into
manufacturers’ global planning.
-The export potential of the automotive parts sector, coupled with the presence of
major international automotive manufacturers, has attracted an increasing number
of foreign investors.
Automotive exporters operating in Turkey consistently put an emphasis to tackle
the problems they face in integrating an innovation strategy with planning and
execution and moving at a speed to stay ahead of the competition.
This month, we participate in Automechanika Dubai 2024 to convey the message
of the Turkish automotive and auto spare part exporters. The stars of the
automotive world will be meeting at the Fair as usual.
Automechanika Dubai 2024, showcasing the latest global trends, has turned out to
be a remarkable automotive aftermarket platform globally The Fair which covers the
full range of automobile, truck and bus parts, equipment, components, accessories,
tools, and services continues to bring world renowned manufacturers, suppliers
and service providers in touch with one of the most important growing markets
in the world. The markets targeted by the Fair are widely recognised as the most
attractive in the world in terms of future potential.
Our publications remain at the service of those business people seeking to increase
their share in the increasingly competitive automotive markets.
We wish lucrative business for all participants
automotiveexport
EDİToR
automotiveexports

China’s Xiaomi posts
sales bump amid boost
in EV deliveries
December 2024
10
Chinese consumer tech giant Xiaomi reported an
uptick in sales during the third quarter, led in part by
accelerating electric vehicle deliveries after it entered
the highly competitive sector this year.
Xiaomi built its name on a wide range of affordable
products, including smartphones, tablets and home
appliances, only expanding into the crowded EV field
with its own model earlier this year.
The Beijing-based firm announced revenue of 92.5
billion yuan ($12.8 billion) during the three months to
Sept. 30, up 30.5% from the previous year, a filing at
the Hong Kong Stock Exchange showed.
Deliveries of its SU7 EV – launched in March this year
– reached 39,790 during the period, up from 27,307
in the second quarter and bringing in revenue of 9.5
billion yuan.
“In the third quarter of 2024 ... we continued to ramp
up production and achieved our goal of cumulative
production of 100,000 vehicles on November 13,” the
statement said.
Revenue from Xiaomi’s vital smartphone business
stood at 47.5 billion yuan, up 13.9% year-on-year but
slowing from the 27.1% growth recorded in the second
quarter. The firm’s overall profit during the third quarter
reached 5.3 billion yuan, up 9.7% year-on-year, the
filing showed.
Xiaomi’s latest results come amid signs of rebounding
consumption in China, where household spending has
yet to fully recover from the pandemic.
Gloomy consumer sentiment has been one of several
woes facing policymakers this year in the world’s
second-largest economy, with sluggish spending
raising fears of deflation.
But recent indicators suggest that efforts by Beijing to
boost consumption – including mortgage rate cuts and
easing of home purchasing restrictions – are having an
impact.
Retail sales in China grew at 4.8% year-on-year in
October, their fastest rate since the start of the year,
official statistics showed.
Two of the country’s top e-commerce giants – JD.com
and Alibaba – post revenue growth in their latest
quarters, in further signs of a gradual recovery in
domestic consumption.

Tofaş targets to produce 1M
vehicles by 2032 under Stellantis deal
December 2024
12
The joint venture of automotive giant Stellantis and
Türkiye’s Koç Holding, Tofaş, announced it aims to
produce 1 million vehicles between 2024 and 2032
with a total investment of 232 million euros (nearly
$250 million) under the agreement signed with
Stellantis last year.
In the announcement on the Public Disclosure Platform
(KAP), the company recalled it inked a production
agreement with Stellantis Europe S.P.A. on March 1,
2023.
“As part of our special announcement on March
1, 2023, a production agreement has been signed
between our company and Stellantis Europe to grant
Tofaş the right to produce the new ‘K0’ model light
commercial vehicles and ‘Combi’ versions with multiple
energy platforms in Türkiye under a Stellantis license
for the Stellantis brands (FIAT, Opel, Citroen, Peugeot),
and to set the sales conditions for the vehicles and
spare parts produced, as well as a license agreement
for the use of intellectual and industrial property rights
belonging to the Stellanits Group.”
Stellantis was formed in 2021 through the merger
of France’s PSA and Fiat Chrysler, having under its
umbrella brands from Fiat and Opel to Jeep and
Maserati.
The statement by Tofaş reported that, in line with the
agreement, a project will be implemented with an
investment reaching 232 million euros, most of which
will be completed this year, aiming to produce 1 million
vehicles during the 2024-2032 period.
It was stated that Tofaş has been granted distribution
rights in Türkiye for the vehicles produced for the Fiat
brand and that “in the event that Stellantis Otomotiv
shares are acquired by our company, the distribution
rights for other Stellantis brands (Peugeot, Citroen,
Opel) in Türkiye will also be transferred to Tofaş.”

The EU imposing higher duties on imports
of electric vehicles from China
December 2024
16
The European Union started imposing higher duties
on imports of electric vehicles from China after talks
between Brussels and Beijing failed to find an amicable
solution to their trade dispute that has divided Europe
and prompted retaliation from Beijing.
Electric vehicles have become a major flashpoint in a
broader trade standoff over the influence of Chinese
government subsidies on European markets and
Beijing’s burgeoning exports of green technology to the
bloc.
“By adopting these proportionate and targeted
measures after a rigorous investigation, we’re standing
up for fair market practices and for the European
industrial base,” European Commission Executive
Vice-President Valdis Dombrovskis said.
“We welcome competition, including in the electric
vehicle sector, but it must be underpinned by fairness
and a level playing field,” Dombrovskis said.
The duties would stay in force for five years unless an
amicable solution is found.
According to the commission, which manages trade
disputes on behalf of the 27 EU member countries,
sales of Chinese-built electric cars jumped from 3.9%
of the EV market in 2020 to 25% by September 2023,
in part by unfairly undercutting EU industry prices.
Just over a year after launching its anti-subsidy probe,
the European Commission will set out extra tariffs
ranging from 7.8% for Tesla, 17% on cars made by
BYD, 18.8% on those from Geely, to 35.3% for China’s
state-owned SAIC, on top of the EU’s standard 10%
car import duty.
Geely has brands including Polestar and Sweden’s
Volvo, while SAIC owns Britain’s MG, one of Europe’s
bestselling EV brands.
Other EV manufacturers in China, including Western
companies such as Volkswagen and BMW, would be
subject to duties of 20.7%. The commission has an
“individually calculated” rate for Tesla of 7.8%.
Beijing objected to the measures as protectionist and
unfair, saying it did not “agree with or accept” the
tariffs and has filed a complaint under the World Trade
Organization (WTO) dispute settlement mechanism.
“China will continue to take all necessary measures
to resolutely safeguard the legitimate rights and
interests of Chinese companies,” China’s Commerce
Ministry said. The EU’s retaliatory duties have been
controversial, having run into opposition in Germany,
which has Europe’s biggest economy and is home
to major automakers, and Hungary amid fears of
provoking China’s ire and setting off a bitter trade war.

The head of Germany’s auto industry association, VDA,
said the imposition of the tariffs is “a setback for free
global trade and so for prosperity, the preservation of
jobs and Europe’s growth.” Hildegard Muller said the
move increases the risk of a far-reaching trade conflict.
“The industry is not naive in dealing with China, but the
challenges must be resolved in dialogue,” Muller said
in a statement.
Germany opposed tariffs in a vote this month in which
10 EU members backed them, five voted against and
12 abstained.
Volkswagen, which has been hit hard by rising
competition in China, has previously said the tariffs
would not improve the competitiveness of the
European automotive industry.
The measures come as thousands of German industrial
workers, including at the carmakers, strike for higher
wages, with Volkswagen possibly about to announce
shutting plants on home soil for the first time in its
87-year history. Hungarian Prime Minister Viktor Orban
said the EU was headed for an “economic cold war”
with China. On the other hand, France, which pushed
for the investigation, welcomed the decision.
“The European Union is taking a crucial decision to
protect and defend our trade interests, at a time when
our car industry needs our support more than ever,”
French Finance Antoine Armand said in a statement.
France’s PFA car association also welcomed duties,
adding it backed free trade as long as it was fair.
The measures were published in the bloc’s legal Official
Journal, meaning duties enter into force as of midnight,
said EU spokesperson Arianna Podesta.
The commission says China boosted its EU market
share with the help of subsidies across the production
chain. These ranged from cheap land for factories
provided by local governments, to cut-price supplies
of lithium and batteries from state-owned enterprises,
to tax breaks and easy financing from state-controlled
banks. The rapid growth in China’s market share has
sparked concern in the EU that Chinese cars will
eventually threaten the bloc’s ability to produce its own
green technology to combat climate change. Business
groups and unions also fear that the jobs of 2.5 million
auto industry workers could be put in jeopardy, as
well as those of 10.3 million more people whose
employment depends indirectly on EV production.
Talks continue between the EU and China and
the duties can be lifted if they reach a satisfactory
agreement, but officials on both sides have pointed
to differences. Discussions have been focused on
minimum prices that would replace the duties and
force carmakers in China to sell vehicles at a certain
cost to offset subsidies.
Dombrovskis said the EU remains “open to a
possible alternative solution that would be effective
in addressing the problems identified and WTOcompatible.”
“We also noticed that the EU side indicated it
would continue to negotiate with China on price
commitments,” Chinese Commerce Ministry
said, adding that Beijing hoped to find a “solution
acceptable to both sides as soon as possible to avoid
escalating trade friction.”
The China Chamber of Commerce to the EU said it
was profoundly disappointed by the “protectionist” and
“arbitrary” EU measure and was disheartened by the
lack of substantial progress in negotiations to find an
alternative to tariffs.
It urged Brussels and Beijing “to accelerate talks
on establishing minimum prices and, ultimately, to
eliminate these tariffs.”
The EU, however, faces China’s retaliation. China
already said on Oct. 8 it would impose provisional
tariffs on brandy imported from the EU.
Beijing has also launched probes into EU subsidies of
some dairy and pork products imported into China.
Trade tensions between China and the EU are not
limited to electric cars, with Brussels also investigating
Chinese subsidies for solar panels and wind turbines.
The EU is not alone in levying heavy tariffs on Chinese
electric cars.
Canada and the United States have, in recent months,
imposed much higher tariffs of 100% on Chinese
electric car imports.
It remains to be seen what impact tariffs will have on
consumer prices. Some producers may be able to
absorb them at least partially.
In the first nine months of 2024, China’s EV exports
to the EU were down 7% from a year earlier, but
they have surged by more than a third in August and
September, ahead of the tariffs, data from the China
Passenger Car Association show.
December 2024
17

MGK Bearing, a commitment to quality,
expertise and customer satisfaction
MGK Bearing has been representing the most leading
brands and have them meet with the professionals in
the automotive industry. We conducted an interview
with an official of the company. He briefed us as
follows:
“With a rich history and a strong track record, our
company has maintained its position as an industry
leader since the late 20th century by distributing
renowned bearing brands in Türkiye. As one of the
foremost distribution companies in Türkiye’s industrial
bearing and automotive sectors, MGK Bearings is
recognized for its commitment to quality, expertise,
and customer satisfaction. To meet the diverse needs
of these sectors, we offer an extensive range of highquality
products.
Since 1995, our company has been on a remarkable
journey within the bearing industry, bridging the past
and present. Guided by a clear vision from the outset,
we are now proud to be recognized as a global leader
in the field. The milestones we have achieved over
the years stand as a testament to our commitment to
innovation, quality, and customer satisfaction.
Years ago, we embarked on a journey to deliver
reliable, high-quality solutions in the bearing industry.
Through precision engineering and a commitment
to innovation, we have established ourselves as a
formidable company. Today, we continue to lead the
industry, consistently adapting to meet its evolving
needs.
We had begun as a small shop and cultivated strong
relationships within our community, which enabled
our growth. With the unwavering support of our loyal
customers, we expanded our services and became
a trusted presence in this industry. Today, we remain
dedicated to serving with the same passion and
commitment to excellence.
In 2014, we established Akbilya Inc.., marking a pivotal
milestone for our company. By assuming the role of
Chairman, we reinforced our leadership position in
the domestic market, laying a crucial foundation for
future growth. In 2023, we founded MGK Bearings,
representing a significant advancement in the bearing
industry after years of meticulous preparation. MGK
Bearings swiftly gained recognition for its dedication to
quality, innovation, and customer satisfaction.”
December 2024
22

Chinese carmaker BYD in talks
with Turkish auto suppliers
December 2024
24
Chinese carmaker BYD, which plans to build a factory
in Türkiye, has been holding talks with auto part
suppliers across the country, according to Albert
Saydam, the president of the Automotive Suppliers’
Association (TAYSAD).
BYD’s planned production plant and R&D center is the
first foreign investment in the Turkish automotive sector
in 27 years.
Some information in the environmental impact
assessment (EIA) application file the company
submitted to Turkish authorities raised concerns
that the Chinese carmaker won’t work with Turkish
suppliers and that this investment’s contribution to the
Turkish economy will be limited.
The EIA suggested that BYD would produce many car
parts, including seats and pads, at the factory it will
build in the western province of Manisa. The EIA is part
of the requirements needed for going ahead with the
investment.
In July, BYD, the world’s largest electric vehicle
producer, signed an agreement with the Turkish
Industry and Technology Ministry to set up a factory
and make R&D investments in Türkiye worth $1 billion.
However, Saydam dismissed such concerns, saying
that BYD officials have been quietly holding talks with
suppliers across Türkiye.
“Among them are local suppliers of seats, plastics,
sheet metal, molds and tires. Contrary to speculation,
they are looking for ways to work with companies in
Türkiye,” Saydam said.
BYD officials are collecting information from local
suppliers, making visits and looking for ways of working
with them, he added. They will talk to BYD’s top
management in the coming days and organize a large
meeting between the company and suppliers, Saydam
said. The construction phase of the project is planned
to start in 2025 after the necessary permissions and
approvals are obtained, and it will be completed by the
end of the same year or the first quarter of 2026. The
installation of machinery and equipment at the plant
is expected to start in the last quarter of 2025, and
production is likely to commence by the first quarter
of 2026. According to the information contained in the
EIA application, BYD Türkiye Otomotiv will produce
200,000 rechargeable hybrid and electric cars. The
planned project will employ an average of 2,500 people
during the construction phase and 12,000 people in
total in three shifts during the operation phase. Industry
and Technology Minister Mehmet Fatih Kacır said that
Türkiye is in close talks with Chinese automaker Chery
on an automobile investment and has reached the final
stages of the process.

Welcome to Automechanika Dubai!
The officials of Automechanika Dubai have recently
pointed out:
“Join us for the 21st edition of Automechanika Dubai
from 10 – 12 December 2024 at the Dubai World
Trade Centre. This year, we’ve expanded to 17 halls,
increasing the show size by 18%, and featuring over
2,200 exhibitors. Building on the success of our
previous event, which included 14 halls with over 1,900
exhibitors from 60+ countries and 20 international
pavilions, we are ready to welcome even more industry
leaders and innovators.”
As for the last year, the officials of the Fair noted:
“Last year, we hosted a record-breaking 52,469 visitors
from 161 countries. Don’t miss the MEA region’s
largest gathering of the automotive aftermarket
industry. Connect with your peers, explore new
features, and discover cutting-edge innovations at
Automechanika Dubai 2024.”
“The global automotive aftermarket industry is
expected to grow from US$ 390.10 billion in 2020
to US$ 529.25 billion by 2028. With thousands of
products from hundreds of exhibitors from around
the world on the show floor, along with numerous
show features including the Academy, Awards,
AfriConnections, Modern Workshop, Tools & Skills
Competition and Innovation Zone, Automechanika
Dubai is a must-attend for all automotive aftermarket
professionals to meet, network, learn, engage and
grow your business.”
“This is the ideal one-stop trade platform in the MEA
region for businesses in the automotive aftermarket
and service industry seeking to expand their network,
explore opportunities, get updated with the latest
trends and solutions while evaluating market trends
and sharing expertise.”
“Explore thousands of products from global exhibitors
and dive into dynamic show features like the Academy,
Awards, AfriConnections, Modern Workshop, PitStop
Challenge, and Innovation4Mobility. Automechanika
Dubai is the must-attend event for automotive
aftermarket professionals to connect, learn, and
accelerate your business growth. Don’t miss this
opportunity to network and discover the future of the
industry.”
December 2024
26

Türkiye’s automotive exports record $30.5B in 10 months
December 2024
28
Türkiye’s automotive industry achieved the highestever
10-month export figures on a sectoral basis,
exceeding $30.5 billion (TL 1.05 trillion) with a 6.5%
increase from the same period last year, according to
a report citing figures from recently announced foreign
trade data. In recent periods, the country has attracted
attention with the rise in export figures within the
sector, becoming a central hub for global automotive
manufacturers due to factors like proximity to the
European market and workforce potential.
This marked a 16.4% surge on an annual basis.
A separate statement by the Uludağ Automotive
Industry Exporters Association (OIB) confirmed the
sector saw a record monthly figure.
“In October, we reached the highest monthly
export figure ever with $3.6 billion,” said OIB Board
Chairperson Baran Çelik.
“A 31% increase was recorded in passenger cars and
a 17% increase in the supply industry. France became
the country to which our sector exported the most,
leaving Germany and the United Kingdom behind with
a 27% increase in exports,” he added.
Türkiye’s exports overall rose by 3.2% in the January-
October period compared to the same period last year,
totaling $216.4 billion, TIM data revealed.
Meanwhile, the exports in October were up 3.6% yearover-year,
reaching $23.6 billion, Trade Minister Ömer
Bolat announced recently.
At the same time, the exports from the automotive
industry between January and October reached
$30.51 billion, with the sector exceeding the $30 billion
threshold figure for 10 months for the first time.
In January-October, the share of automotive industry
exports in total exports was calculated as 14.1%.
Major European economies took the lead in the
imports of automotive products from Türkiye, the data
revealed, with the largest figure of $4 billion coming
from sales to Germany.
Germany was followed by the U.K., to which Türkiye
exported $3.5 billion worth of automotive goods in 10
months, and France with $3.4 billion. Italy, meanwhile,
ranked fourth with $2.7 billion and Spain was next with
$2 billion, respectively.
The United Kingdom was at the top of the list in terms
of export growth. In January-October, the automotive
sector’s exports to the country increased by $863
million. The U.K. was followed by Slovenia with $292.7
million, Romania with $261.4 million, Italy with $224.4
million, and the United States with $135.4 million.
The automotive industry exported $1.4 billion worth
of goods in total to Slovenia in the stated period,
$979 million to the United States and $957 million to
Romania. Looking at Turkish provinces, northwestern
Kocaeli stood at the forefront with shipments of $7.8
billion in 10 months, followed by neighboring Istanbul
with $6.9 billion and Bursa at $6.1 billion.
Automotive exports, which declined in 2019 and 2020
due to the effects of the pandemic, showed a rapid
recovery with the start of the normalization process
worldwide. While the exports covering the 10 months
of 2020 were at $20.1 billion, these figures witnessed a
steady increase in the following years.
The sector’s sales increased by 19% in the same
period of 2021 to $23.9 billion and further to $25 billion
in the January-October period of 2022, when the
effects of the pandemic were less felt than in previous
years. Moreover, this figure soared to $28.7 billion in
the same period of 2023 and eventually surpassed $30
billion this year.

BYD celebrates 30th anniversary with
production of 10-millionth vehicle
December 2024
BYD became the first brand in the world to
produce 10 million electric and plug-in hybrid
vehicles during its 30th anniversary.
The Chinese manufacturer reached its first five
million new energy vehicles in 15 years, while the
next 5 million were completed in just 15 months.
The 10-millionth vehicle to roll off the production
line was the DENZA Z9 model, part of BYD’s
premium brand.
This milestone vehicle was presented to Feng Ji,
CEO of Game Science, the company behind the
popular game Black Myth: Wukong.
Speaking on BYD’s 30th anniversary, Chairman
and CEO Wang Chuanfu reflected on the
company’s growth from a startup with just
20 employees to a global organization with
approximately 1 million staff members.
Wang emphasized BYD’s commitment to
technological innovation and its pivotal role in
shaping the future of mobility.
As a high-tech enterprise, BYD also announced
plans to invest 100 billion yuan (approximately
€13 billion) in automotive systems supported by
intelligent technologies in the coming years.
BYD is set to begin producing hybrid and electric
models in Manisa, Türkiye, starting in 2026.
30

Assets managed by Türkiye’s portfolio
management sector hit $164B
The portfolio management sector in Türkiye has
experienced a 60% growth since the end of 2023, with
total assets reaching TL 5.6 trillion (over $164 billion) as
of this August, an industry official said.
As deposit rates are anticipated to drop in the period
ahead, the interest of investors seeking higher returns
is expected to further fuel this growth, according to the
Turkish Institutional Investment Managers’ Association
(TKYD).With inflation and borrowing costs expected
to decline next year, some banks have already begun
lowering long-term loan and deposit rates.
Addressing an assessment meeting in Istanbul,
TKYD head Yağız Oral highlighted the sector’s robust
expansion since 2021, with solid returns driving
continued investor interest.
“Turkish investors primarily wonder, ‘Can we surpass
the deposit rate?’ Recently, with rising inflation,
questions like ‘Can we outpace inflation?’ also started
to emerge,” Oral said, pointing to the solid returns
that investment funds have delivered in comparison to
deposit rates in recent years.
“In 2021, the average return on investment funds was
around 41%, while the average deposit rate stood at
18%. In 2022, our sector saw returns exceed 80%,
while deposits yielded only about 17%. For 2023, the
average fund return was 57%, compared to a 28%
return on deposits,” he explained.
“This year, both have hovered around 41%-42%,
neck and neck.”Annual inflation dipped below 52%
in August, compared to its peak of 75% this May. It
is expected to maintain the downward trend amid the
aggressive monetary and fiscal tightening.
The government forecasts inflation would fall below
42% by year-end.
The Central Bank of the Republic of Türkiye (CBRT)
has held its key policy rate steady at 50% since this
March, having lifted the one-week repo rate by 4,150
basis points since June 2023 to counter stubborn
inflation.
After its last rate-setting meeting, it said it remained
highly attentive to inflation risks but dropped a
reference to potential tightening, which is said to
December 2024
32

provide the first guidance signaling that rate cuts will
eventually come.
Some economists believe that a rate cut could occur
as early as November, while others argue that it might
be more prudent to wait until 2024.
TKYD’s Oral emphasized that product diversification
and satisfactory returns have strengthened investor
confidence in the portfolio management sector, leading
to increased investments.
Egemen Erden, a TKYD Board of Directors member,
said there was a substantial real cash inflow into the
sector since the end of 2023.
“At the end of last year, the sector’s total assets stood
at TL 3.5 trillion. Now, we’ve reached TL 5.6 trillion.
If we assume that 40% of this growth comes from
returns, we can estimate that the remaining 15%-20%
represents real cash inflows,” Erden said.
As of August, the size of investment funds reached
TL 3.6 trillion, while assets under Türkiye’s Individual
Pension System (BES) surpassed TL 1 trillion. The
Automatic Enrollment System (OKS) funds amounted
to TL 75.6 billion, with other managed assets totaling
TL 879 billion.
When asked about the potential effects of global and
domestic monetary easing policies on investor interest
and fund inflows, Oral said, “These periods are when
asset class diversification becomes more meaningful.
In markets where product diversification is intensive,
returns can rise sharply.”
“I believe that as inflation and deposit rates decline, the
variety of asset classes will continue to support returns
and the growth of the portfolio management sector.”
TKYD Board Member Emrah Yücel noted that foreign
investors had shown significant interest in Turkish
assets, particularly since April, although this has not
been the case for equities.
“We’ve seen a net outflow of foreign money from the
stock market since the beginning of the year,” Yücel
said. However, he added that institutional investors,
such as mutual and pension funds, have played a
stabilizing role in the market.
“We’ve observed nearly TL 80 billion in growth in the
stock positions of pension and investment funds since
the start of the year. In a period when foreign investors
have been selling, the presence of these domestic
actors on the buying side has been a vital stabilizing
force for the stock markets,” he explained.
Responding to a question about how discussions
on capital market taxation affect investor behavior,
TKYD Board Member Burak Sezercan argued that if
Türkiye wants its capital markets to grow, it should
avoid putting market products at a tax disadvantage
compared to other financial instruments.
Earlier in the year, initial discussions about taxing gains
from stock market investments and cryptocurrency,
which many used as a hedge against inflation, caused
a dip in equities.
However, Vice President Cevdet Yılmaz said Türkiye
has decided against implementing an additional tax
package this year, including a levy on profits from
stock trading or cryptocurrency transactions.
That was reaffirmed by Treasury and Finance
Minister Mehmet Şimşek, who told investors that the
government had no plans for new taxes.
December 2024
33

German car parts maker Schaeffler
to cut 4,700 jobs, close 2 sites
German machine and car parts maker Schaeffler said
it planned to lay off 4,700 people in Europe after its
operating profit almost halved in the third quarter,
while also closing down two sites, highlighting ongoing
challenges impacting the European automotive
industry. Its shares fell 4.6% by 12:50 GMT and are
down more than 20% so far this year.
The European auto sector is facing multiple hurdles
ranging from high production costs and managing the
shift to electric vehicles to falling demand and rising
competition from China.
“We are upset by this news,” Ulrich Schoepplein, head
of the works council at Schaeffler, said in a statement
and called on the executive board to start talks with
employee representatives to find alternatives that
would save jobs in the long term.
Schaeffler said Germany would see the biggest staff
reduction, with plans to lay off around 2,800 people
at 10 sites. The rest of the job cuts will span across
five plants in Europe, including two site closures, it
added without naming the locations. About 1,000 jobs
will be reduced through displacements, bringing the
net layoffs to 3,700 people, or 3.1% of Schaeffler’s
total headcount that increased after its merger with
electric powertrain specialist Vitesco. The German ballbearings
specialist expects to save around 290 million
euros ($315.4 million) per year by the end of 2029
through the efficiency plan, which will cost around 580
million euros.
French tire maker Michelin announced job cuts and
plant closures due to weak auto demand and cheap
Asian competition. It plans to lay off 1,200 people and
shut two plants in France by 2026.
Weak industrial unit
Apart from the tepid automotive market, Schaeffler
was hit by falling sales in its industrial business, which
makes components for wind turbines and industrial
robots, in the third quarter.
It saw weak demand and cheaper competition in
China’s wind energy market in particular.
As a result of weak demand for factory robots,
Schaeffler said it would put its industrial robotics site
Melior Motion up for sale. It will relocate operations of
another industrial automation site Ewellix to its plant
in Schweinfurt, and close Ewellix’s Taiwan factory.
Schaeffler had bought the Melior Motion and Ewellix
sites only two years earlier.
December 2024
36

German lithium plant hopes to
turbo-charge Europe’s EV makers
December 2024
38
As European automakers face stiff competition from
China in the electric vehicle (EV) market, an Australian
company is offering a solution to the critical lithium
shortage with a new refinery in Germany.
Vulcan Energy’s pilot plant, located west of Frankfurt,
aims to extract lithium from briny underground water
deep beneath the Rhine Valley. The company plans
to supply lithium for batteries used by major auto
manufacturers, including Volkswagen, Renault, and
Stellantis.
“This is a really important part of Europe’s critical
raw material independence,” Francis Wedin, a senior
executive at Vulcan Energy, told AFP.
The refinery’s innovative approach involves
extracting lithium from geothermal reservoirs about
two kilometers below the surface near the town of
Landau. The process not only produces lithium but
also generates excess heat that will be used to warm
homes in the local community.
Commercial production is slated to begin in 2027,
with the German government subsidizing the project
to the tune of 100 million euros ($106 million). Vulcan
Energy aims to produce 24,000 metric tons of lithium
hydroxide annually, enough for half a million car
batteries.
Vulcan Energy is not alone in its efforts. AMG Lithium
opened a refinery in eastern Germany in September,
targeting annual production of 20,000 metric tons,
although it imports raw materials from Brazil.
The EU aims to ensure 40 percent of critical minerals
are refined within the bloc and has taken steps towards
this goal, including an agreement with Serbia to direct
all its extracted lithium to Europe.
However, clean transport advocates warn that securing
lithium supply is only one step towards European
independence in battery manufacturing.
“If we want to be truly independent of other countries,
every stage in the construction of batteries must take
place in Europe,” said Alina Racu, an expert at the
NGO Transport & Environment.

Türkiye launches first locally
designed multi-role helicopter
Türkiye has officially delivered its first locally designed
and produced multi-role utility helicopter, the T625
Gökbey, developed by Turkish Aerospace Industries (TAI).
The helicopter has been equipped with indigenous
avionics systems designed by Ankara-based defense
firm Aselsan. The T625 Gökbey will now serve with the
Turkish Gendarmerie General Command, showcasing
capabilities entirely supported by the domestic defense
industry. Aselsan announced that the T625 Gökbey
utilizes 34 different avionics systems, which include
a flight control computer, national communications
systems, identification systems, modular displays,
navigation systems, and more.
The firm developed state-of-the-art features for the
T625 Gökbey in line with the standards of competing
avionics suites in international civil platforms.
Demonstrating its commitment to enhancing
aviation technology, Aselsan has contributed to the
modernization of 1,100 aircraft, including helicopters
and unmanned aerial vehicles (UAVs), using its
indigenous systems.
The firm also provides essential software solutions,
particularly for mission computers in aircraft, which are
crucial for achieving national independence in Türkiye’s
defense capabilities.
Aselsan is one of the major players in the global
defense industry.
It moved up from 47th place in the Defense News Top
100 ranking in 2022 to 42nd in 2023. In 2013, Aselsan
was ranked 67th on the list, and it had risen to the top
50 by 2019.
December 2024
42

Turkish firm Karsan displays
its electric minibus at Bus Expo
December 2024
44
Renowned Turkish bus manufacturer Karsan
showcased its right-hand drive fully electric e-JEST
minibus at the Euro Bus Expo held in Birmingham, U.K.
The company is aiming to capture a strong share of
the United Kingdom’s market, Karsan’s Deputy General
Manager of Commercial Affairs Deniz Çetin told
Anadolu Agency.
Çetin said right-hand drive markets have long been
a focus of the company’s global expansion strategy.
Karsan has already entered the Japanese market with
the right-hand drive e-JEST and is now turning its
attention to the U.K.
He said the U.K. market has always been a primary
goal for the company.
“What makes the U.K. special is that it is a great
showcase for all right-hand drive markets. There
are many opportunities here. This is a market that
competitors have difficulty entering,” he said.
The U.K. also offers a gateway to other right-hand
drive markets, including Ireland, Malta and Singapore,
according to Çetin.
“We think that we will gain a market share that will
produce added value for us in the U.K. and that we
will see the commercial benefits of this. Therefore, this
stands out as one of our priority development areas,”
he said.
“Our goal in our markets is to reach a 25%-30% share
with this product. This probably means that the number
of e-JESTs here will exceed 100. This is a very serious
market share, and of course, it takes some time to
reach it, but we have the patience for it,” he added.
Karsan plans to deliver 10 e-JEST minibuses to the
U.K. in the initial phase, with the first two expected to
arrive in February 2025, he said.
The e-JEST, a compact 6-meter (19.69-foot) electric
minibus, offers a range of up to 210 kilometers (130
miles) powered by BMW’s 135 kW electric motor and
an 88-kWh battery.
The vehicle supports fast charging, taking just one
hour to fully charge, and can also recharge itself by
up to 25% through its regenerative braking system.
With a passenger capacity of 17 in the right-hand
drive version tailored for the U.K. market, the e-JEST
combines high maneuverability, a dynamic design and
a spacious interior.
The minibus features a fully digital dashboard, touch
screen control systems, USB outputs and optional
Wi-Fi infrastructure, enhancing passenger comfort.
Equipped with advanced safety features such as
Electronic Stability Control (ESP) and hill holder, a
driver assist feature that prevents a vehicle from
rolling back or forward on a hill, as well as a 4-wheel
independent suspension system, the e-JEST aims
to provide the comfort of a passenger car while
offering environmentally friendly and cost-efficient
transportation solutions.
“We generally produce our own demand. This product
is a product that users in the market ask, ‘Where do
I use this product? What need does it meet?’ We
think that this product can be used in many areas,
instead of large buses, during hours when passenger
density is low. We can explain to our users that this is
more efficient for both the environment and reducing
operational costs. In this context, the vast majority
of our customers are municipalities. They normally
purchase through tenders. However, this product can
also have different areas of use such as hospitals or
university campuses,” Çetin explained.
Karsan, headquartered in Türkiye with more than 58
years of experience in automotive manufacturing,
produces a wide range of commercial vehicles,
including fully electric and autonomous models.
The company has positioned itself as a leader in
sustainable public transportation solutions, offering an
electric product range from 6 to 18 meters. The e-JEST
marks another step in Karsan’s mission to expand
globally, following its success in Europe, North America
and Japan.

60 million tourist target still within reach
Türkiye’s aim to attract 60 million tourists is feasible,
though tourism revenues may fall short of the target of
$60 billion, according to Oya Narin, the president of the
Turkish Tourism Investors Association.
“Although the number of tourists coming from Russia
has decreased in the last 2-3 years, we are performing
better in terms of revenue in October and November,”
she told state-run Anadolu Agency.
Some 35.8 million foreigners visited Türkiye in the first
eight months of 2024, up 10.4 percent from a year ago,
with tourist arrivals rising 2.5 percent to 6.8 million in
August. Around 940,000 Russians vacationed in the
country in January-August, according to official data.
“People with health needs show great interest in
Türkiye due to our infrastructure and marketing,
however, we need to target the older demographic in
Europe as well,” Narin said.
Narin mentioned that areas that otherwise attract
tourists are not as lively in winter and that the health
care infrastructure in those coastal areas needs to be
improved to attract older tourists.
“First, the costs of achieving this will be our biggest
test in 2025, and second, finding the methods to
make the sector more attractive for human resources,
for our performance will depend on these two
factors,” she added. The domestic tourism market
volume of countries worldwide is expected to reach
$7.5 trillion in 2033, Narin also said, noting that the
world’s international tourism market volume reached
$10.5 trillion.
December 2024
46

Türkiye aims for $7 billion
in software exports by 2028
Türkiye aims to boost its revenues from software
exports which stood at $3.5 billion last year to $7
billion in 2028, Trade Minister Ömer Bolat has said.
Speaking at the Innovation Champions Awards
Ceremony, part of the 11th edition of Türkiye
Innovation Week (TIW), Bolat noted that Türkiye has
made great progress in the IT industry and become
one of the leading countries in that field with a skilled
labor force.
Türkiye is among the top 50 most innovative countries,
ranking 37th out of 133 countries in the World
Intellectual Property Organization’s (WIPO) 2024 global
innovation index, the minister added.
Türkiye is now a country that builds its own warships
and is capable of producing many high value-added
and high-tech products ranging from unmanned aerial
vehicles and aircraft parts, Bolat said.
“We continue our efforts by mobilizing all our resources
to make our country’s innovation ecosystem more
attractive,” he added.
“Our goal is to transform our country into a hub
for innovative companies producing advanced
technologies, hosting many startups, unicorns and
even decacorns both regionally and globally,” Bolat
said. The minister also noted that Türkiye’s goods and
services exports increased 7.5 times in the last 22
years. The 12-month trailing exports amounted to $262
billion with services exports exceeding $111 billion as
of September, according to Bolat.
Türkiye has doubled its exports of high-tech products
since 2012, Bolat said, adding, “We are approaching
the $100 billion level in medium and high-tech product
exports.”
“The share of exports of medium-high and high-tech
products in total exports was 40 percent last year. We
will increase this to 50 percent by 2028,” Bolat said.
December 2024
48

Ford to slash 4,000 European
jobs amid EV shift, rising competition
December 2024
50
Ford announced plans to reduce its European
workforce by approximately 14%, citing substantial
losses in recent years that the carmaker attributed
to weak demand for electric vehicles, insufficient
government support for the EV transition, and
intensifying competition in the sector.
The U.S. company is the latest automaker after Nissan,
Stellantis and GM to cut costs as the industry struggles
with growing competition from Chinese rivals in
Europe, waning demand in China, and the challenges
of shifting to EVs that remain too expensive for most
consumers to buy.
Ford said the 4,000 job cuts would be primarily in
Germany and the United Kingdom. Globally, layoffs
represent around 2.3% of Ford’s workforce of 174,000.
The measures will be a big blow for Germany in
particular, Europe’s largest economy and biggest
carmaker, where Volkswagen is threatening to close
factories, slash wages and cut thousands of jobs to
improve its ability to compete.
The country’s deepening political crisis is also adding
uncertainty to companies grappling with growing trade
tensions with China and the U.S. election victory of
Donald Trump. Ford said the European layoffs should
take place by the end of 2027. Europe’s automakers
“face significant competitive and economic headwinds
while also tackling a misalignment between CO2
regulations and consumer demand for electrified
vehicles,” the company said in a statement. Through
September this year, Ford’s sales in Europe fell 17.9%,
far outstripping an industrywide decline of 6.1%.
Ford also called on the German government in
particular to provide more incentives and better
charging infrastructure to help consumers transition to
EVs. Berlin ended EV subsidies in December last year.
EV sales in Germany in the first nine months of this
year were down 28.6%.
“What we lack in Europe and Germany is an
unmistakable, clear policy agenda to advance
e-mobility, such as public investments in charging
infrastructure, meaningful incentives... and greater
flexibility in meeting CO2 compliance targets,” Ford’s
chief financial officer John Lawler wrote in a letter to
the German government.
Ford has been undergoing a painful restructuring in
Europe, announcing 3,800 job cuts in February 2023.
Ford is also closing its Saarlouis plant in Germany
next year, with further job cuts. The European Union
has slapped tariffs on Chinese-made EVs, saying they
benefit from unfair subsidies from China’s government.

Tesla hits market value of $1
trillion as Musk-backed Trump wins
The stock market value of the electric automaker
Tesla increased to over $1 trillion for the first time
since 2022, on expectations that CEO Elon Musk’s
companies will get favorable treatment under
President-elect Donald Trump.
“Tesla and CEO Elon Musk are perhaps the biggest
winners from the election result, and we believe
Trump’s victory will help expedite regulatory approval
of the company’s autonomous driving technology,”
said Garrett Nelson, senior equity analyst at CFRA
Research. Musk, the world’s richest person, has an
estimated wealth that is now more than $300 billion,
according to calculations from Forbes magazine. His
wealth mainly consists of Tesla shares.
Tesla, like other electric vehicle manufacturers, is
currently facing a drop-off in demand. Trump, who
aims to increase oil and natural gas production, might
make things even more challenging for the industry.
But, analyst Dan Ives from the financial firm Wedbush
Securities believes that Tesla will be an exception.
The billionaire could push for favorable regulation of
autonomous vehicles that Tesla plans and also get the
U.S. National Highway Traffic Safety Administration to
hold off on potential enforcement actions involving the
safety of Tesla’s current driver-assistance systems, a
source had told Reuters.
Musk has focused on self-driving vehicle technology,
ditching plans to build an economy car priced at
under $30,000. However, development and regulatory
hurdles have delayed the commercialization of such
technologies.
“If Musk can convince Trump to establish federal
autonomous vehicle rules, we think that’s a good thing
for the auto industry because we think firms want one
set of rules rather than each state making their own,”
said David Whiston, equity strategist at Morningstar.
Tesla shares jumped earlier in late October after the
company reported a rise in quarterly profit margin and
forecast 20% to 30% growth in deliveries next year.
Trump, prior to his reelection, had talked about
giving Musk, who has no government experience,
the role of reducing government spending in the new
administration.
December 2024
52

December 2024
54
INTERMOT
2024: December
premiere with a
varied program
From 5 to 8 December 2024, Cologne
will once again be the place to be
for the entire motorbike community.
Right between the end of the
season and the start of the season,
INTERMOT will bring all the key
industry players together in Cologne.
INTERMOT 2024, from 5 to 8 December 2024, the
international motorbike and scooter trade fair will
once again be the central meeting point for the entire
bike scene. In Cologne, motorbike fans will have the
unique opportunity in Germany to experience more
new products live than ever before. Over the four days
of the trade fair, there will also be a varied program
that will appeal to established motorcyclists as well as
up-and-coming and urban bikers.
INTERMOT live powered by Bering
The INTERMOT LIVE stage powered by Bering and
in co-operation with Motorpresse Stuttgart in Hall 7
will be a source of inspiration for topics and news
from the industry. It offers space for discussions
about horsepower, petrol, fashion and adventure.
Bikers can look forward to exciting live talks,
interactive demonstrations and insights into the latest
developments in the motorbike world. To round off
the atmosphere, there are also regular jam sessions
with live music that transform the stage into a vibrant
meeting place for all motorbike enthusiasts.
RACING: Numerous racing teams
with trucks on site
INTERMOT 2024 is also intensively dedicated to
the topic of racing - and will therefore be the only
‘paddock show’ outside of the racing season. The
international German racing teams from BMW, Ducati,
Honda, Kawasaki and Triumph will be presenting
themselves to their fans in Hall 7. The focus will be

on the International German Championship (IDM), but
the new Twin Cup and the hotly contested Superstock
class will also be represented in Cologne.
The local VE 76 Racing Team will be bringing its
riders - including world championship rider Sheridan
Morais from South Africa - as well as trucks and racing
motorbikes. Florian Alt, IDM Superbike Champion
2023, will also be there, as will Italian rider Lorenzo
Zanetti. And the BMW team of the reigning Superbike
champion is sure to present one or two stars. Clubs
such as IG Königsklasse have also confirmed their
participation and will be showcasing machines from
the past decades that are still used in competitions.
Another highlight will be the South African Jon Ekerold,
who was the last world champion (350 cc) to win his
title on the legendary Nordschleife in 1980. Team
Steinhausen’s racing team, the current 2024 Sidecar
World Champion, will also be on display in Hall 7. In
addition, INTERMOT will also showcase sports that are
practiced off the beaten track. The German Flat Track
riders will be drifting their bikes on speedway tracks
and the Moto Cross segment will also be on show.
Larissa Papenmeier, one of the fastest female MX
riders, has announced her visit. IG Endurosport and the
OSK Kölbach Racing Team will also be giving valuable
tips on how to get started in off-road racing.
Separate special show for the 125ccm segment
With the special show KICK STARTER 125cc powered
by fritz-kola, INTERMOT presents the world of 125cc
motorcycles. Centrally located in the boulevard
between the exhibition halls, this is where beginners
and the younger generation in particular get their
money’s worth.
Young bikers - and those who want to become one -
will be given a comprehensive overview of the latest
125cc models. Interested parties will also have the
chance to test ride their dream bike and get advice
from experts on the subject of driving licenses.
15th International Motorcycle Conference of the ifz
The International Motorcycle Conference of the
Institute for Two-Wheeler Safety (ifz) will also take
place again in 2024 alongside INTERMOT. The 15th
edition of the conference will bring together more
than 100 researchers and practitioners from more
than 20 countries to exchange the latest findings and
jointly develop future strategies for motorbike safety.
The conference will focus on setting standards for
the international exchange of road safety experts and
the publication of new research findings relating to
motorized two-wheelers.
December 2024
56

Baykar’s new drone enters mass production,
export seen within months
December 2024
The new armed drone of Türkiye’s drone giant Baykar
has entered mass production and could be exported
within the next five to six months, according to Haluk
Bayraktar, the company’s CEO.
Bayraktar TB3 unmanned combat aerial vehicle (UCAV),
the new drone capable of folding its wings and tailored
for the country’s first aircraft carrier, the TCG Anadolu,
has entered mass production, Bayraktar said.
“Maybe this year, in a few months, maybe in five to six
months, we may hear some news in terms of exports,”
he said while speaking to the technology desk of
Anadolu Agency.
Bayraktar emphasized that the TB3 UCAV builds on
the success of its predecessor, the TB2, with the
added capability of landing on naval platforms, making
it a versatile addition to Türkiye’s growing arsenal of
defense technology.
Earlier, in an interview, the company’s chief executive
also announced they were allocating resources to
increase in-house component production to address
industry supply chain challenges, pointing to plans to
invest about $300 million in developing jet engines.
Speaking at the SAHA EXPO 2024, Bayraktar, also the
chairperson of the board of directors of SAHA Istanbul,
highlighted the rapid growth of the defense industry
expo, which has expanded to 90,000 square meters
from 10,000 square meters at its inception.
“This year, 1,478 companies participated, with 766
international companies and 712 domestic firms,”
Bayraktar noted, underscoring the event’s rising global
influence. Chairperson of the board of directors of SAHA
Istanbul and Baykar CEO Haluk Bayraktar speaks at
SAHA EXPO 2024 defense exhibition, Istanbul, Türkiye,
Oct. 26, 2024. During the expo, major agreements were
finalized, including export contracts valued at $6.2
billion, Bayraktar said.
“In total, 123 signing ceremonies were held,” he added,
marking a record-breaking achievement for the Turkish
defense sector.
Bayraktar noted that Türkiye’s defense exports reached
$5.5 billion last year and pointed to a significant surge
in artillery ammunition production, particularly driven by
the private sector.
ARCA, the main sponsor of SAHA EXPO 2024, signed
an export deal exceeding $2 billion, he said. “ARCA as
a single firm now produces more artillery shells in one
month than the total produced in the entire American
continent, in Türkiye’s Çorum,” Bayraktar added.
“There are contracts signed by the Presidency of
Defense Industries. As Baykar, we have a contract
signed with our sub-suppliers and Aselsan regarding
cameras. A contract was signed with TÜBITAK and
Roketsan,” he said, referring to the scope of deals
signed within the fair.The SAHA defense exhibition,
one of Türkiye’s top defense events, saw the signing of
dozens of agreements between foreign and domestic
companies and institutions in the Turkish metropolis of
Istanbul. Among the deals signed was an agreement
for an engine project between Baykar and TAI’s Engine
Industries (TEI). Baykar also signed deals with domestic
and foreign firms Ordulu, Orqa from Croatia, and the
Edge Group from the United Arab Emirates (UAE).
Roketsan and Havelsan signed a framework agreement
for installing an electronic security system, and
Roketsan and Tualcom signed a framework agreement
for procuring communications systems.
Moreover, a pact was signed between Turkish defense
firm STM and Aspilsan to develop batteries for mini UAV
systems.
58

Togg keeps lead in Turkish
EV market in first 10 months of year
December 2024
60
Türkiye’s first homegrown electric vehicle maker Togg
maintained the top spot in the domestic market with
over 20,000 units sold in the first 10 months of the
year, according to a report citing industry data.
Togg, a joint venture of five Turkish holding companies
and a business union was founded in 2018 and began
delivery of the first vehicles to buyers in spring last
year. Since then, the brand has seen a strong interest
in the domestic market and abroad, with the first sales
of its T10X model outside Türkiye expected in the
upcoming period, starting from Germany.
From January through October, Togg sold 20,140
units, Anadolu Agency reported, based on data from
the Automotive Distributors and Mobility Association
(ODMD). Like this, the brand secured 31% of the
market share, it said.
Total automotive sales in the country, including cars
and light commercial vehicles were slightly down in the
first 10 months of the year, dropping by 1.2% on an
annual basis to 947,166 units, the data showed.
In January-October, the automobile market slightly
grew by 0.2% from the prior year to 750,935 units,
while light commercial vehicles’ sales decreased by
6.3% to 196,231 units.
In the same period, the number of “fully electric” cars
sold rose by 42.7% to 69,744 units.
The share of fully electric cars in total sales, therefore,
increased from 6.5% to 9.3% compared to the same
period last year, and the share of hybrid cars increased
from 10.7% to 16.9%.
When “fully electric,” “extended-range electric” and
“hybrid” vehicles are considered, it was seen
that 26.2% of the total market consists of
vehicles with electric motors.
Looking closely at the data, it was observed
that Togg continued to dominate the
domestic electric market, as it outstripped
its closest competitor by 12,773 units with
20,140 units sold in the first 10 months of the
year.
With the market share recorded at 31%,
every one in three electric cars sold within
this period carried the Togg logo.
When looking at the electric car market by
brand, after Togg, Tesla was listed next with
7,367 units and BMW with 6,576 units in the
January-October period.
When considered on a model basis, the
sales ranking in the said period was as follows: Togg
T10X, Tesla Model Y, KG Mobility Torres, BMW X1 and
Mercedes EQB.
Besides the T10X SUV, the only model currently sold,
Togg will manufacture four other models – a fastback,
a C-hatchback, B-SUV, and B-MPV – by 2030.
Unveiled earlier this year, the fastback sedan, the
T10F, is scheduled to go on sale in Türkiye next year
and then in the European market, according to the
company.
The company showcased recently the sedan model
to the public during Türkiye’s premier defense and
technology event, Teknofest, which was organized in
the southern province of Adana.
The company has already started working on the
B-SUV model, which it named T8X. It could unveil it as
soon as next year.
On the other hand, when evaluating only October
sales, the ODMD data showed that the sales of electric
vehicles declined by 9.4% compared to last year to
8,906 units.
On the other hand, looking at October, in the fully
electric car market of 8,341 units, Togg came in first
with 3,091 sales. BMW followed it with 557 sales, and
Mini and KG Mobility (Ssangyong) came in third with
425 sales, respectively.
Togg, in the first year on the market, delivered around
20,000 units, bringing the count of its T10X model on
Turkish roads with sales in the first 10 months of this
year to about 40,000.

The revamped Renault Trucks
T-C-K-D Series impressed at Logitrans Fair
Koçaslanlar Otomotiv unveiled the newly updated Renault Trucks T-C-K-D product range at the
Logitrans Fair, drawing significant interest from the logistics and transportation sectors.
Continuing its active presence at the Logitrans Fair,
Koçaslanlar Otomotiv showcased the revamped
Renault Trucks T-C-K-D series to visitors this
year. The updated models captured attention with
features designed to make a notable impact on the
transportation industry.
Mahmut Koçaslan, Chairman of Koçaslanlar Holding,
shared his thoughts on the event:
“The Logitrans Fair is one of the most critical meeting
points for the logistics and transportation sector. As
Koçaslanlar Otomotiv, we are immensely proud to
exhibit our over 25-year collaboration with Renault
Trucks here. Being the only company to display
vehicles at the fair highlights our commitment to the
sector and our leadership position. We will continue to
add value for logistics professionals with our innovative
products and solutions.”
The Renault Trucks T-C-K-D series represents cuttingedge
technology, offering up to 3% fuel savings
compared to its predecessor. With Turbo Compound
technology and aerodynamic design, the series stands
out as an eco-friendly and cost-effective option.
Additionally, the revamped T-C-K-D models elevate
driving safety and control to a new level with the
GSR safety package. Customers also benefit from
Koçaslanlar’s extensive service network and tailored
maintenance packages, providing them with significant
advantages. Visitors had the opportunity to explore
the advanced technology and innovative solutions of
Renault Trucks T-C-K-D series vehicles up close at the
Logitrans Fair until November 22.
December 2024
64

Koçaslanlar Otomotiv Showcases Otokar’s
Innovative Vehicles at Logitrans Fair
Koçaslanlar Otomotiv attracted significant attention at the Logitrans Fair, held in
Istanbul from November 20-22, 2024, by showcasing Otokar’s innovative products.
The Logitrans Fair, hosted at the Istanbul Dr. Kadir
Topbaş Performance and Arts Center, brought together
leading companies in the logistics and transportation
sectors. At the event, Koçaslanlar Otomotiv introduced
Otokar’s Foton Tunland G7 and the Atlas models,
which are leaders in the light commercial vehicle
segment. These models stood out for their innovative
solutions and superior features, adding substantial
value to the sector.
Mahmut Koçaslan, Chairman of Koçaslanlar Holding,
shared his thoughts on the company’s participation in
the fair:
“Logitrans Fair is one of the most prestigious events in
the logistics sector, and as Koçaslanlar Otomotiv, we
are proud to contribute to the industry with the Otokar
brand. The Otokar Foton Tunland G7 offers logistics
professionals efficiency and comfort with its quality,
price advantage, and innovative features compared to
competitors. Additionally, the Atlas model meets the
industry’s expectations by delivering high performance
in heavy-load transportation. We had the privilege
of being the only company to exhibit a vehicle that
serves as a key solution for logisticians, and we were
pleased to host our industry stakeholders at our booth,
achieving highly productive results.”
The Otokar Foton Tunland G7 stands out with its
competitive pricing and features like a 3,100 mm
wheelbase that allows it to pass through the first
Bosphorus Bridge, providing flexibility for both urban
and long-distance transportation. This advantage offers
significant ease of use and efficiency. Furthermore,
it differentiates itself in the market with a 5-year or
100,000-kilometer warranty, surpassing competitors
who generally offer a limited 2-year warranty. This longterm
guarantee enhances the vehicle’s reliability. The
Foton Tunland G7 also features standard equipment
such as an electric trunk and a sunroof, setting it apart
from other vehicles in the sector. These attributes
prioritize the user experience, not only in terms of
transportation but also in driving comfort.
December 2024
65

Türkiye ups year-end tourism
target as 9-month arrivals hit 49M
Türkiye revised its target for the end of the year after
official data showed that over 49 million visitors had
arrived from January through September.
The total number of visitors in the first nine months
rose 8.74% year-over-year to 49.18 million, according
to the Culture and Tourism Ministry.
That includes arrivals of foreign tourists, which
increased by 6.75% to 41.86 million, and those of
visitors of Turkish origin, which jumped by 21.7% to
7.32 million. In September, foreign arrivals rose by
4.64% to nearly 6.1 million, the data showed.
The government now expects the overall figure to
reach 61 million at the end of 2024, Culture and
Tourism Minister Mehmet Nuri Ersoy said, up from
earlier estimate of 60 million.
Türkiye welcomed a record of around 49.2 million
foreign tourists in 2023, spearheaded by arrivals from
Russia and Europe, mainly Germany and the United
Kingdom. That trend hasn’t changed so far this year.
Most foreign tourists in the January-September
period came from Russia, at 5.47 million, followed by
Germany and the U.K.
Separate data showed Türkiye’s tourism revenues
rose 6.6% year-over-year to 46.9 billion in the first nine
months. The government sees it reaching $60 billion by
the end of the year.
The average expenditure per capita over the same
period was $970, down 1.6% from the previous year,
according to the Turkish Statistical Institute (TurkStat).
During the third quarter alone, the income grew by
3.9% year-on-year to $23.2 billion.
Tourism revenues hit an all-time high of $54.32 billion
in 2023, according to the official data.
The foreign exchange it brings makes tourism vital to
Türkiye, which is keen to flip current account deficits
to a surplus, prioritizing exports, production and
investments while curbing inflation.
December 2024
66

Türkiye to invest $80 billion in
renewables in next decade
December 2024
The total amount of major investment drive for
electricity generation from renewable energy will be
around $80 billion in the next 11 to 12 years, Energy
and Natural Resources Minister Alparslan Bayraktar
has said. Speaking at parliament’s planning and
budget commission the minister stressed that there
is a need to shape the electricity generation portfolio
in line with the 2053 net-zero emission targets while
meeting the increasing electricity demand.
The Renewable Energy 2035 roadmap, unveiled last
month, is designed to meet electricity demand, which
is forecast to rise to 510 kWh in 2035 mainly with green
energy, according to the minister.
“With this roadmap, we aim to quadruple our current
wind and solar installed capacity to 120 thousand
MW in the next 11 years,” he said, adding that it is
necessary to have a strong infrastructure and network
in order to technically manage the renewable energy
capacity.
“In order to ensure our security of supply, we plan to
invest around $28 billion in our electricity transmission
infrastructure until 2035,” Bayraktar added.
With these investments, a 40,000 megawatt and
around 15, 000 kilometers of high-voltage direct
current (HVDC) transmission network will be
established to produce a green energy corridor across
Türkiye, according to the minister. The country’s
electricity demand has increased by an average of 4.4
percent annually over the past 20 years to 335 billion
kWh, while the installed electricity generation capacity
reached 114,600 MW, he noted.
Thanks to the policies implemented by the
government, a localization level of 75 percent in the
equipment and components used in solar power plants
is achieved and this is over 70 percent in wind power
plants, specifically in towers, blades and generators,
Bayraktar said.
The minister also vows to speed up the process of
granting renewable energy permits.
The share of renewable energy in the current installed
capacity has reached 60 percent, Bayraktar said,
adding that as a result of renewable energy-based
electricity generation in the last year, Türkiye saved
some $11 billion in natural gas imports.
Some 49 million tons of crude oil and petroleum
products, 4 million tons of LPG and 50 billion cubic
meters of natural gas were imported last year, while
the country’s total energy import bill for 2023 was $70
billion, according to the minister.
Bayraktar also noted that Türkiye’s daily natural gas
production has increased to 8 million cubic meters,
which meets the needs of 3.5 million households.
68

Türkiye export climate remains
robust for 8th straight month
December 2024
70
The export climate for Turkish manufacturers
maintained its momentum in August, driven by demand
in key markets like the U.S., the U.K. and parts of the
eurozone, while some challenges persist in regions
such as Germany and Eastern Europe, a survey
showed.
The Manufacturing Export Climate Index rose to 51.3
points from 50.8 in July, the Istanbul Chamber of
Industry (ISO) said, signaling further improvement in
export conditions.
The index is a key indicator that measures the
economic conditions in Türkiye’s main export markets.
It uses a threshold value of 50.0 to distinguish between
improvement and deterioration. Values above 50.0
indicate a better export climate, while those below
suggest a decline.
August’s reading marks the eighth consecutive month
above the 50.0 mark, reflecting a strengthening trend
in Türkiye’s export environment midway through the
third quarter. The data revealed that economic activity
increased in most of Türkiye’s main export markets.
The U.S. emerged as a major demand driver, with
production accelerating strongly compared to July.
Similarly, economic activity in the U.K. reached its
highest growth rate in four months.
France and Italy, representing 9% of Turkish
manufacturing exports, showed signs of renewed
production growth.
France recorded its first increase in output in 15
months, growing at its fastest pace
since March 2023. Spain, another
major economy in the eurozone,
maintained a robust growth trend.
However, Germany, Türkiye’s largest
export market, presented a different
narrative.
The German market contracted for
the third consecutive month, with the
rate of decline being the steepest
since March.
In Central and Eastern Europe, a
weak performance persisted through
the mid-third quarter, with countries
like Romania, Poland, Czechia and
Austria experiencing declines in
manufacturing output.
In contrast, Russia recorded a
modest rise in economic activity
for the second consecutive month, indicating some
stabilization.
The Middle East largely continued to provide
supportive demand conditions.
Non-oil economic activity in the United Arab Emirates
(UAE) and Saudi Arabia grew rapidly in August, while
Qatar sustained its growth trajectory.
Egypt showed signs of recovery for the first time in
three years, reflecting a potential turnaround. However,
Lebanon continued to face production contraction.
Among all countries and regions monitored by the
Purchasing Managers’ Index (PMI) survey in August,
India reported the strongest growth in production.
On the opposite end of the spectrum, Myanmar
experienced its sharpest decline in output in 20
months.
“August was broadly positive for Turkish manufacturers
in terms of their key export markets,” said Andrew
Harker, economics director at S&P Global Market
Intelligence.
“However, the most important exception remains
Germany, which continues to stay in contraction
territory and contributes to the ongoing weakness in
Central and Eastern Europe,” Harker noted.
“Exporting firms will be keen to see the strengthening
growth trends in major export markets like the U.S.
and the U.K. continue, along with the renewed positive
momentum in France and Italy.”