Automotive Exports December 2022
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Monthly automotive aftermarket magazine
H. FERRUH ISIK
İstmag Magazin Gazetecilik
İç ve Dış Ticaret Ltd. Şti.
Managing Editor (Responsible)
Mehmet Soztutan, Editor-in-Chief
+90 505 577 36 42
International Marketing Coordinator
Digital Assets Manager
Design & Graphics
İstmag Magazin Gazetecilik
İç ve Dış Ticaret Ltd. Şti.
Ihlas Media Center
Merkez Mah. 29 Ekim Caddesi No: 11B / 21
Yenibosna Bahcelievler, Istanbul / TÜRKİYE
Tel: +90 212 454 22 22
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Kat: 6 No: 603-604-605 KONYA
Tel: (90.332)238 10 71 Fax: (90.332)238 01 74
Reaping the fruits of export-drive
As noted earlier in this column, the exports by Turkish automotive sector have reached
remarkable figures in the last decade. The automotive industry has been active since
the early seventies. Thus, Turkey has become a major production platform for global
As known, the auto parts industry has recorded a dynamic growth in line with the
automotive industry. From simple components in the mid-1960s, the sector has ascended
to produce high-tech components.
The industry with its large capacity, wide variety of production and high standards,
supports automotive industry production and the vehicles in Turkey and also has ample
potential for additional exports.
The leading foreign automotive parts manufacturers have established their presence in the
country through joint-ventures, which dominate production and exports. There has also
been substantial locally-owned investment by spare parts manufacturers.
To sum up:
- Quality of production improved dramatically, especially through the establishment of
quality management systems.
- The industry has adapted to EU regulations and has established an efficient and
exemplary cooperation with public institutions in the transformation of the EU regulations
to national regulations and their implementation.
- Exports have risen sharply, and Turkish production has been integrated into
manufacturers’ global planning.
Key factors which attract foreign capital inflows to Turkey mainly include the market size,
consumer composition, friendly investment legislation and liberal banking system together
with other attractiveness arising from highly skilled human resources in production and
management, the unsaturated domestic market with high potential, easy access to
neighboring (regional) emerging markets, and low labor cost.
The industry exhibits its full potential in major specialized fairs both at home and abroad.
By participating in a series of fairs, our publications remain at the service of those
businesses people seeking to increase their share in the increasingly competitive foreign
This month, we participate in Moroccan Automotive Industry Show, Casablanca.
We are fully convinced that the event would pave the way for a series of new business
opportunities. We wish all participants success and lucrative business.
İHLAS GAZETECİLİK A.Ş.
Merkez Mahallesi 29 Ekim Caddesi İhlas Plaza
No:11 A/41 Yenibosna–Bahçelievler/ İSTANBUL
Tel: 0212 454 30 00
Germany ‘on course for
recession’ as industrial
German industrial orders have dropped by more than
expected in September as foreign demand slumped, putting
Europe’s largest economy on course for recession, data
New orders fell by 4.0 percent on the month on a seasonally
and calendar-adjusted basis, the Federal Statistics Office said.
Germany staved off the threat of recession in the third
quarter with unexpected growth, but the economy remained
in choppy waters as high inflation driven by a painful energy
standoff with Russia surged, data showed.
The orders data underlined the headwinds Germany is facing
as the sluggish global economy, materials shortages and the
energy crisis hamper production.
Headed towards recession
“The German economy is on course for recession - that
much can be deduced from the disastrous new orders,” said
Thomas Gitzel, chief economist VP Bank.
While domestic orders increased by 0.5 percent, foreign
orders plunged b y 7.0 percent. Within the euro zone, orders
were down 8.0 percent while orders from outside the euro
zone dropped 6.3 percent.
“The high level of new orders that had set in after the
coronavirus pandemic as a result of catch-up effects appears
to have come to an end,” the economy ministry said.
Decreases in the automotive and mechanical engineering
sectors in particular, down 9.0 percent and 8.1 percent
respectively, dragged down the overall index, according to the
Famed Kapadokya most-loved color of
Türkiye’s national car Togg
Türkiye’s first national, fully electric car
Togg, which recently saw the first massproduced
vehicle come off from the
production line, revealed its most-preferred
color through a survey.
The survey was conducted with the
participation of 500,000 people from Togg’s
social media account.
According to the results, the color
“Kapadokya” (Cappadocia in Turkish)
which is among the total of six colors that
“Togg took inspiration from the beauties of
Türkiye” was the most popular color of the
The colors include “Anadolu” (Anatolia),
“Gemlik,” “Oltu,” “Kula,” “Kapadokya” and
Kapadokya is the color representing the
colors of the fairy chimneys in Türkiye’s
famed touristic region of Cappadocia in the
central province of Nevşehir.
Anatolia is a red “reflecting the friendliness
and passion of Anatolian lands.”
Gemlik is a turquoise blue color which
represents the blue waters under the
shade of olive trees in Gemlik located on
the coast of the Marmara sea.
Kula is gray, taking its inspiration from
the “magnificence of Kula, which carries
millions of years of history of Earth to the
present with its natural structure, rocks and
valleys,” in Türkiye’s Aegean region.
The black color of Oltu represents the
eye-catching blackness, shiny texture and
solid structure of the Oltu stone, one of
the rare and fascinating gemstones found
in the eastern Erzurum province. The color
Pamukkale, meanwhile, is a while color,
the dazzling whiteness of Pamukkale’s
travertines in western Türkiye’s Denizli.
In addition to the SUV, Togg will be
manufacturing another four models – a
sedan, C-hatchback, B-SUV and B-MPV –
Mass production of the SUV will be
followed by the sedan. The vehicle is being
produced by a consortium of five Turkish
companies called the Automobile Initiative
Group of Türkiye, or Togg in short, in
cooperation with the Union of Chambers
and Commodity Exchanges of Türkiye
The brand aims to produce 1 million
vehicles across the five segments by 2030.
December 2022 14
Turkish auto sales jump nearly 15% in October
Sales of passenger cars and light
commercial vehicles in Türkiye rose 14.9%
year-over-year in October, according to
data provided by an industry group.
A total of 65,222 vehicles were sold across
the country, the Automotive Distributors
Association (ODD) said in a statement.
Passenger cars accounted for nearly 73% or
47,440 of the sales, an increase of 17.1%
during the same period.
As many as 17,782 light commercial
vehicles were also sold, up 9.5% from
a year earlier. The association said the
automotive market fell 4.6% compared to
the average 10-year October sales.
In the January-October period, Türkiye’s
automotive market narrowed by 4.7% on
an annual basis to 585,752 vehicles.
Passenger car sales fell 6% to 446,664 units
in the first 10 months of 2022 compared to
the same period from a year ago.
December 2022 16
Turkish automotive exports remain robust
despite global headwinds
Turkish automotive exports jumped to
$2.65 billion (TL 49.21 billion) in October,
industry data showed , in an increase
that comes despite global headwinds
dominated by talks of recession and
Exports increased by 1.8% year-over-over,
the Uludağ Automotive Industry Exporters’
Association (OIB) said in a statement. At
12.4%, the industry held the largest share
of Türkiye’s overall exports.
Foreign sales were up about 5% from a
year ago in the January-October period to
some $25 billion, the data showed.
“Our automotive exports continue to
increase” despite the growing global
recession risks, contraction in the
eurozone, the industry’s largest market,
and surging inflation, OIB Chairman Baran
The supply industry, tractors, buses,
minibusses and midibuses all saw a doubledigit
increase in sales in October, Çelik said.
The supply industry topped exports with $1
billion worth of sales, a 13% year-over-year
Çelik said exports to top markets such
as Germany, Belgium and Russia also
registered double-digit increases in the
Sales to Germany were up 15% year-overyear
in October to $404 million, while
those to the United Kingdom rose 9% to
$285 million, the data showed. Exports to
France were down 12% to $252 million.
Sales to Belgium, Russia, Romania and
Portugal increased by 32%, 23%, 21% and
December 2022 22
Togg invites citizens to test
SUV model at new Istanbul center
Türkiye’s first indigenous electric
automobile brand Togg is opening its first
experience center in Istanbul, enabling
citizens to get to know its C-SUV model
from a closer perspective.
A total of 20 centers are expected to be
opened across the country.
The first Togg experience center opened
its door in the metropolis’ Zorlu Center,
welcoming citizens to examine the C-SUV
model closely, particularly the parts they
are curious about. The next experience
centers will soon start operating in
southern Adana, the capital Ankara, Gemlik
and western Izmir province.
The opening comes after the inauguration
of Togg’s factory in the Gemlik district
of Türkiye’s automotive capital Bursa,
during which the first mass-produced SUV
model left the production line. Following
the announcement of the vehicle’s mass
production, high interest in the first
domestic electric car was seen both in the
country and abroad.
It has received thousands of orders
coming from the public sector in Türkiye,
including banks that were placed on the
priority list for receiving their models
earlier than others. Togg also received
its first international order recently, from
Azerbaijani President Ilham Aliyev who
stated that he wants to purchase two cars
for himself. Many citizens have also already
listed their existing vehicles for sale on the
internet in order to buy a Togg, which will
hit the road in March 2023. Around 17,000
to 18,000 vehicles are planned to be put
up for sale in the first stage, throughout
2023, after some five months of security
procedures the car is set to pass through.
The vehicle is being produced by a
consortium of five Turkish companies called
the Automobile Initiative Group of Türkiye,
or Togg, in cooperation with the Union of
Chambers and Commodity Exchanges of
Togg, which will have “300+” and “500+”
kilometer range options with its inborn
electric modular platform, will be
constantly connected to the center and
will be able to receive updates remotely
via 4G/5G connection. The batteries of the
vehicles which will be integrated into the
model, and are compatible with the Euro
NCAP 5-star level rating system are set to
get 80% full in less than 30 minutes with
fast charging option.
December 2022 24
Türkiye wants to engage in production
activity in counties from which it buys
natural gas or oil, Energy Minister Fatih
Dönmez has said, adding that studies are
underway to identify the location for a
third nuclear plant.
“This is our new energy strategy. We
consider establishing partnerships with
those countries to acquire a share in
the production of natural gas or oil. We
have been receiving offers, particularly
from Africa, since we have increased
our operations capabilities in the seas,”
“Those countries look very favorably upon
this idea and we have invited them to our
country. We can act together with friendly
nations,” he said, unveiling the new energy
strategy in a press meeting.
“We traveled to Indonesia and Malaysia.
In Malaysia, we discussed the prospects of
natural gas exploration and cooperation.”
Türkiye has played an important role over
the past years in strengthening energy
supply security for neighboring countries,
“While improving our own infrastructure,
we have secured new resources. We are
buying natural gas from Russia, Iran and
Türkiye has also increased its LNG capacity
bbyputting two FRSUs (Floating Storage
Regasification Unit) in use in addition to
the already existing two LNG land terminals
and a third FRSU will be launched in Saros,
he noted.Dönmez stressed that Türkiye
may further diversify its suppliers of natural
“The Gulf countries may deliver gas here.
Israeli gas can arrive here, and we may
buy gas from Nigeria. We are in talks with
The minister added that all natural gas
storage facilities were full as of the end of
September and ready for the winter. “They
will be used if problems with deliveries via
pipelines may occur.”
He also said that work is ongoing to
determine the location where the
country’s third nuclear power plant
will be established. “The likely location
is the Thrace region,” Dönmez added.
Construction of the Akkuyu Nuclear Power
Plant continues at “full speed,” he said,
recalling that a second nuclear plant is
planned to be built in the province of
December 2022 26
Russia increases gas exports
to China, reducing market
dependence on Europe
In an attempt to wean the country from its
dependence on the European gas market,
Russia has increased gas exports to China,
using the Siberia pipeline.
The pipeline, also known as the Eastern
Route, delivers energy “via the mega gas
pipeline regularly” and it exceeds daily
The pipeline became functional in 2019,
spanning 3,000 kilometres, and has the
capacity of carrying 61 billion cubic metres
of gas per year, with 38 billion cubic metres
slated for export.
The two countries are working toward
developing another gas route through
Mongolia called Soyuz Vostok.
Expanding its energy market in China has
been one of its top priorities for Russia. As
Beijing is in the process of phasing down
coal usage, the Kremlin seems eager to
“exploit the opportunity” in light of their
Gazprom, the Russian energy giant, said
that it supplied 42.6 percent less gas to
countries outside the Commonwealth of
Independent States (CIS), a segment that
includes most of the European Union.
The Gazprom report noted that total
exports had decreased from 158.8 billion
cubic metres (bcm) of gas in the first ten
months of 2021 to 91.2 bcm in the first ten
months of 2022.
European countries whose gas purchases
from Gazprom remain capped have been
stockpiling gas thanks to unusually mild
autumn weather –– Bloomberg noted that
in the past, Russia had regularly supplied
about a third of Europe’s gas consumption.
Even while EU gas storage sites remain
at a 94 percent capacity, higher than the
past five years’ seasonal average of 89
percent, Bloomberg pointed out the words
of Gazprom Chief Executive Officer Alexey
Miller, who said if the weather were to
get abnormally cold, Europe’s gas reserves
wouldn’t keep citizens warm throughout
Bloomberg quoted Miller as adding
“Europe could lack some 800 million
cubic metres of gas a day without Russian
supplies during high demand.”
According to Bloomberg, Gazprom
continues to supply gas flows via Ukraine
at capped levels and “those to Hungary
and Serbia are going through one leg of the
TurkStream pipeline” that runs from Russia
December 2022 28
More tourists to rush to Türkiye this
winter as European prices soar
Turkish travel companies are expecting a
rush of European tourists in the months
ahead amid higher demand following the
coronavirus pandemic and as energy prices
“This winter we expect more tourists
than in previous years,” Cem Polatoğlu,
spokesperson for the travel operators’
association Tur Operatörleri Platformu, told
Deutsche Presse-Agentur (dpa).
“During the pandemic, people could not go
on holiday for a long time. Now that travel
restrictions have been lifted, many tourists
will feel as though they have ‘broken free
from chains,’” he said.
Additionally, the high costs of energy in
Europe are also leading to an increase in
reservations during the winter season,
particularly for accommodation that costs
less, he said.
Europe faces an acute energy crunch
heading into winter after Russia cut gas
supplies in response to Western sanctions
imposed over its invasion of Ukraine.
“It is positive for the tourism sector that
European tourists – especially pensioners
– prefer long holidays in Türkiye during
the winter months due to the increase in
natural gas prices,” said Ali Onaran, chair of
tour operator Prontotour.
He said his data showed that demand
was particularly high “from countries like
Germany, England and the Netherlands.”
Onaran said it was encouraging that more
people were booking their holidays during
the winter period despite global inflation.
“There are developments such as rising fuel
costs, energy expenses, food crises, which
affect ticket and hotel prices and therefore
people’s overall travel budget,” he said.
Despite those factors, bookings were in line
with tour operators’ expectations.
A further incentive for people to head to
Türkiye on their holidays may be the weak
Turkish lira, according to Polatoğlu.
For tourists, he said that booking a package
holiday at a five-star hotel in Türkiye
currently costs less than spending the time
in Europe. “And with much more comfort
than at home,” Polatoğlu added.
Rebound in Türkiye’s critical tourism
industry this year has been driven by
a major leap in demand from Europe,
spearheaded by Germany and the United
Kingdom, as well as Russia.
The number of holidaymakers more
than doubled in the first eight months
of the year. Around 29.3 million tourists
arrived in Türkiye from January through
August, marking a 108.5% climb from a
year ago, on pace to roughly match the
pre-pandemic levels of 2019, according to
Culture and Tourism Ministry data.
The first eight-month figure stood at 14.1
million in 2021, 7.2 million in 2020 and 31
million in 2019.
The arrivals have been mainly backed by
Russian visitors, who increasingly opted for
Türkiye due to flight restrictions applied
by Western countries after Russia invaded
Ukraine, as well as tourists from Europe.
However, the number of German and
British visitors rose strongly this year.
At 3.85 million, tourists from Germany
topped the list among nations and made up
13% of all visitors in the first eight months,
with arrivals jumping 105.73% from a year
ago. Russians followed with just over 3
million, a 22.8% year-over-year increase,
and Britons ranked third with 2.36 million,
a whopping 2,120% surge from the same
period in 2021, according to the data.
Tourism revenues are vital to Türkiye’s
economy as the government’s new
economic program focuses on flipping
the chronic current account deficits to a
surplus, prioritizing exports, production
and investments, and aiming to lower the
increase in consumer prices.
The government raised its year-end targets
in July to 47 million tourists and $37 billion
in revenues, up from its earlier targets
of 45 million arrivals and $35 billion in
income. The number of foreign visitors
soared 94.1% to 24.71 million last year
when COVID-19 measures were eased
compared to 2020. Tourism revenues
doubled to almost $25 billion but remained
well below the level recorded in 2019.
December 2022 30
Türkiye’s total exports of furniture, paper
and forestry industry products have
reached $6.92 billion (TL 128.75 billion)
in the January-October period, with an
increase of 24% compared to the same
period of the previous year, data showed.
While the increase in overall exports across
the country was 15% in 10 months, there
was a 24% increase in the furniture sector.
With this rise, the sector almost reached
the exports made throughout 2021 which
was $6.99 billion, the data by the Istanbul
Furniture, Paper and Forest Products
Exporters’ Association (ORSİAD) showed.
The share of the furniture industry,
meanwhile, in this figure amounted to
$3.93 billion with an increase of 13.9%.
Erkan Özkan, head of the ORSİAD, said
that although there were difficulties in
supplying raw material all over the world,
adding, however, that “our exporting
companies were affected by this at a
minimum level with the bilateral relations
they have established.”
He said they aim to reach $5 billion in
furniture exports by the end of this year by
maintaining the current success.
Iraq took the lion’s share with $432.1
million among the countries to which the
furniture industry exported the most,
followed by Germany with $333 million and
Israel with $207.8 million.
Meanwhile, Türkiye’s furniture exports to
Qatar rose by 97% making it the country
with the highest increase in exports this
The most exported products of the sector
in the said period were bedsteads and
cradles for children, wooden furniture for
dining and living rooms, metal furniture
and compact furniture that can be turned
into a bed.
December 2022 32
Automotive exports top
$2.6 billion in October
Türkiye’s automotive exports increased
by 1.8 percent in October from a year ago
to $2.65 billion, the Uludağ Automotive
Industry Exporters’ Association (OİB) has
The industry’s share in the country’s overall
export revenues was 12.4 percent.
“Despite inflation, looming risks from the
global recession and the contraction in
the eurozone, our exports continued to
grow,” said Baran Çelik, board chair of OİB,
noting double-digit increases in sales to the
German, Russian and Belgian markets.
The supply industry’s exports rose by 13
percent in October from the same month
of 2021 to reach $1 billion but passenger
car exports dropped 20 percent year-onyear
to $748 million, according to data
from the OİB.
Exports of towing vehicles exhibited an
annual increase of 95 percent to stand at
Germany was the largest market for
local automotive companies. Exports to
Germany grew 15 percent from a year ago
to $404 million. The U.K. came second at
$285 million, rising 9 percent on an annual
basis. Exports to France increased by 12
percent compared with October 2011 to
Data from the OİB also showed that
exports to other key markets, namely
Belgium, Russia, Romania and Portugal
grew by 32 percent, 23 percent, 21 percent
and 79 percent, respectively.
From January to October, the automotive
industry’s exports reached $25 billion,
exhibiting an annual increase of 5 percent.
Türkiye may become important global
Meanwhile, Tuğrul Arıkan, general manager
of carmaker Anadolu Isuzu, said that no
country in the global supply chain has as
strong infrastructure in the automotive
industry as Türkiye has. Türkiye may
become an important global player in
this field, replacing other companies as a
supplier, he added.
“There will be much better developments
for the Turkish automotive sector going
forward in 2023 and 2024. We need to
catch up with the ongoing technological
transformation in the supply and main
automotive ndustries and we need
to encourage the use of domestically
manufactured products,” Arıkan said.
As far as Anadolu Isuzu’s operations are
concerned, Arıkan noted that last year the
company introduced its first 8-meter-long
electric bus to the market. “We are working
to launch the 12-meter and 18-meter long
buses in 2023 and thereafter. We are also
working on an electric minibus,” he said.
Anadolu Isuzu is also looking into hydrogen
technology, Arıkan added.
“Our main focus is electric [cars] but we
have started studies on hydrogen. We have
identified the companies which we are
going to work with. Hopefully, we will be
able to introduce our hydrogen vehicle,
which will be more likely an inner-city bus,
at the end of 2024 or in early 2025,” he
December 2022 36
Turkish Airlines teams up with exporters
Under the deal, the flag carrier will
offer discounts between 5 to 30 percent
for cargo weighing more than 1 ton to
be delivered to 40 destinations in 31
Turkish Airlines will deliver regular goods as
well as perishable products such as fruits,
vegetables, fish and eggs.
Turkish Cargo was the fastest growing
air cargo carrier in the world in 2021
and 2022 and increased its share in the
market to 5 percent, said Ahmet Bolat, the
chairman of Turkish Airlines’ board and
executive committee, noting that with its
performance Turkish Cargo was ranked
fourth among the top air cargo companies
in the world.
Bolat recalled that the carrier previously
signed two protocols with the TİM during
the pandemic to deliver exporters’ cargos
to different destinations.
The latest agreement inked with the TİM
foresees an export volume of $2.1 billion,
“Türkiye’s average export range is presently
3,065 kilometers, but we want to increase
this to the world average of 4,744
kilometers,” said Mustafa Gültepe, the
president of the TİM.
This year, exports by air have reached $10.3
billion and 158,000 tons of goods were
delivered by air cargo, he added.
Turkish Airlines reported earlier this month
that its cargo revenues soared 140 percent
in January-September this year from the
same period of 2019 to $2.92 billion.
December 2022 38
Türkiye’s historical record in the
Global Innovation Index
In the Global Innovation Index announced
by the World Intellectual Property
Organization, the Switzerland-based
organization of the United Nations, and
in which 132 countries compete, Türkiye
rose four steps in 2022 to the 37th place.
Rising 14 places in the last two years,
Türkiye managed to enter the top 40 in the
index for the first time. The 2022 Global
Innovation Index was announced by the
World Intellectual Property Organization
(WIPO), the Swiss-based agency of the
United Nations, with the main theme
“What is the Future of Innovation-Driven
Growth?”. In the index, which evaluates
132 countries, Türkiye continued its upward
trend and reached the best position in its
history with 37th place. Türkiye, which has
improved by 14 steps in the last two years,
also maintained its 4th place among the
upper-middle income group countries.
Among the upper-middle income group
countries, Türkiye performed above
the group averages in six of the 7 main
components. Türkiye’s best performing
component was “Innovative Outcomes”.
In this component, Türkiye ranked 15th
with an increase of 20 steps compared to
last year, ranking first among the North
Africa/West Asia group countries. In the
“Versatility of Markets” component, it rose
12 places to 37th. This year, Türkiye, which
outperformed its inputs in innovation
outputs, managed to take place in the
top 10 in 6 indicators. Türkiye ranked first
among 132 countries in the “industrial
designs by origin” indicator.
The report also highlighted that Istanbul
and Ankara are home to two leading
science and technology clusters. Istanbul
moved up four spots to 46th among the
best science and technology clusters,
overtaking Brussels, Barcelona, and Zurich.
Evaluating the Global Innovation Index
2022 Report, Industry and Technology
Minister Mustafa Varank said, “Türkiye is
at its highest level in its history. We have
moved up 14 places in the last two years,
ranking 37th out of 132 countries. The R&D
and innovation ecosystem that we have
built from scratch in 20 years will continue
to write new success stories.”
Stating that they have implemented
policies and mechanisms that support
innovation with the vision of the National
Technology Move for Türkiye, and that
they have deepened our R&D, innovation
and entrepreneurship ecosystem day by
day, Minister of Industry and Technology
Mustafa Varank emphasized that the index
is an effective policy tool in evaluating and
improving the innovation performance of
countries. Varank said in his statement:
“I think the index has 3 main benefits.
Firstly, it allows to analyze innovation
performance from different angles on
an annual basis and with comprehensive
indicators. Secondly, it allows to discover
potential areas of intervention by seeing
December 2022 40
the strengths and weaknesses of the
ecosystem. Finally, it lays the groundwork
for the development of evidence-based
structural reforms to address these areas of
intervention. In this direction, we have first
established the Türkiye Global Innovation
Index Task Force. Then, we determined
the responsible institutions for the missing
or outdated data in the index, and we
started the cooperation process with the
international organizations that provide
data to the index. In order to monitor the
developments in the indicators, we have
established the Global Innovation Index
Coordination and Monitoring Platform. As a
result of the policies we have implemented,
support mechanisms and initiatives we
have initiated, our country has achieved
this historic success.”
Evaluating the Global Innovation Index
2022 Report, Minister of Trade Dr. Mehmet
Muş made the following assessment:
“Today, innovation is consolidating its
place among the main determinants of
economic growth and competitiveness
in the international arena day by day.
From the invention of agriculture and the
discovery of the wheel to the present day,
when we have smartphones in our hands
that have millions of times more powerful
operating capacity than the computers
in the control room of Apollo 11, which
carried astronauts to the moon in 1969,
mankind has always been in elbow contact
with innovation. With the beginning of
the 21st century, the innovation that
emerged in many areas such as self-driving
tools, artificial intelligence applications
and blockchain technologies, big data
applications, which we came across
in science fiction novels or films a few
decades ago, has started to rapidly shape
and transform the future of countries and
humanity. In innovation, speed is not our
enemy, on the contrary, it is our closest
friend today, where innovative ideas and
practices are faster than ever before. For
this reason, Türkiye’s reaching the place
it deserves in the world in the innovation
race is perhaps one of the guarantees of
taking firm steps forward to the future as
an existential issue. Moreover, I believe
that it has become impossible to predict
the fate of countries from now on free
from the efforts and outputs of innovation
and technological development.
The effective innovation requires a strong
innovation ecosystem that emerges
with the harmonious cooperation and
interaction of many stakeholders and
elements such as public and private
sector institutions and organizations,
universities, investors, companies,
supportive political and legal
infrastructure, resource allocation.
Here, in addition to what the public
should do, all our companies, especially
our exporter companies, Innovative a
necessity to make a technology-oriented
future planning with a perspective,
innovation I think raising awareness is a
vital issue. As a matter of fact, the fact
that we have started to reap the fruits of
our R&D studies in the defense industry
has proved to all of us how important
this field is. We, as the Ministry, always
work with our companies’ technology
and innovation we see assisting and
consulting with their focused efforts as a
necessity beyond satisfaction.
When we look at the patent application
data of the World Intellectual Property
Rights Organization, we see that there
is a positive trend in Türkiye’s patent
applications and that approximately 10
thousand patent applications have been
filed annually in recent years. I believe
that technology and innovation with
the further increase of focused business
culture and awareness, our country will
rise to much higher ranks in the world
in both our R&D expenditures and
international patent applications and
TİM Chairman Mustafa Gültepe, who
participated in the introductory meeting
of the Global Innovation Index 2022
with a video message, said that they
lead exporters to adapt to the digital age
with innovation. Emphasizing Türkiye’s
success in innovation, TİM Chairman
“Under the leadership of Mr. President,
with the support of our Ministries and
the contributions of our institutions
in the task force, we rose 10 places
to 41st in the index in 2021. Last
year, we also broke the record in the
history of the Republic by reaching
225 billion dollars in exports. With
TİM’s efforts towards the innovation
and entrepreneurship ecosystem and
the increasing competitiveness of our
companies, Türkiye continued its rise this
year. In 2022, we broke the record of 15
years in which the index was published
and reached the highest position in our
history with the 37th place. Innovationoriented
growth will increase the
competitiveness of our exporters and
enable them to find a stronger place in
Within the scope of the Investment
Environment Improvement Coordination
Board (YOIKK) Action Plan, the “Global
Innovation Index Action Plan” studies
were launched in 2020. At the meeting
held under the chairmanship of Vice
President Fuat Oktay on June 30, 2020, it
was decided to establish a task force to
accelerate the work to increase Türkiye’s
position in the Global Innovation Index.
Global Innovation Index Türkiye Action
Plan and Strategy (2021-2023) was
prepared. The strategy document, which
was prepared with the coordination of
the Ministry of Industry and Technology,
the TİM Secretariat and the contributions
of 20 different public institutions and
organizations, will be presented to WIPO
Director Daren Tang this year.
maker to raise
billions amid US
Chinese chip manufacturer Hua Hong
Semiconductor has received regulatory
approval for an 18 billion yuan ($2.5 billion)
IPO in Shanghai, according to a Hong Kong
stock exchange filing.
The planned initial public offering (IPO)
comes as China’s chip companies gear up
for steeper competition with the United
States due to geopolitical tensions.
US President Joe Biden introduced
unprecedented export curbs aimed at
stopping Beijing from acquiring advanced
New rules bar American citizens, residents
and green-card holders from working with
China’s chip makers. Hua Hong says it
intends to use the money to invest in a new
fabrication plant – or fab – in the eastern
city of Wuxi, with construction set to
begin in 2023 and an eventual production
capacity of 83,000 wafers per month.
The company currently has four fabs in
total – three 8-inch fabs in Shanghai,
and one 12-inch fab in Wuxi currently
expanding to 95,000 wafers per month.
The proceeds from the IPO will also go
to upgrading the latter fab, according to
its prospectus. Hua Hong’s Shanghai IPO
will follow that of China’s Semiconductor
Manufacturing International Corp (SMIC),
China largest chip manufacturer.
Washington has barred US-based
equipment makers from selling tools to
Chinese foundries for production of logic
chips produced at 14-nanometers and
below. Hua Hong specialises in mature
technology, and generates most of its
revenue making chips using 55-nanometer
The company has a global market share
of 3.2 percent of the foundry business,
according to research firm TrendForce.
December 2022 44
Türkiye foresees 5% economic growth for 2022, 2023
The leading indicators of the economy for
the second half of 2022 point to moderate
growth and Türkiye’s gross domestic
product to grow 5% in 2022, amid a global
slowdown, Treasury and Finance Minister
Nureddin Nebati said.
Speaking to Parliament’s Planning and
Budget Committee, Nebati said the
economic growth, expected to maintain its
balanced outlook in 2023, is targeted to be
5% again next year.
“In a period when challenging global
conditions are experienced and the global
conjuncture is changing rapidly, the
‘Türkiye Economy Model’ aims to ensure
macroeconomic and financial stability and
price stability simultaneously, to encourage
high value-added production, to turn the
change in supply chains into an opportunity
and to permanently solve the current
account deficit problem,” Nebati reiterated.
Stating that a significant improvement was
achieved in the non-energy current account
balance, significant gains were achieved in
investment, employment, production and
exports, Nebati said, “In this period when
the risk of recession has increased for
many developed and developing countries,
the Turkish economy continues to grow
strongly thanks to our model, and the
composition of the growth also displays a
“Türkiye is the fastest growing country in
the G-20 with a GDP growth of 11.4% in
2021 and recorded the highest growth rate
in the last 50 years,” he said.
Nebati noted that some 6.6 points of this
growth come from domestic demand and
4.8 points from net foreign demand and
the net foreign demand to growth is the
highest figure reached after 2001.
“Despite the uncertainty caused by the
war between Russia and Ukraine and the
weakening global economy, our gross
domestic product grew by 7.5% in real
terms in the first half of 2022,” he said,
noting: “With a growth rate of 7.6% as of
the second quarter, Turkey was among
the fastest growing countries in the OECD.
In the first half of the year, our economy
maintained its balanced outlook in line
with our sustainable and healthy growth
Goldman Sachs and Moody’s have also
raised recently their forecast for Türkiye’s
2022 economic growth. Goldman Sachs
said it revised upward its GDP growth
forecast for Türkiye for this year to 5.5%
from 3.5% while lifting its 2022 current
account deficit forecast to $45 billion from
$36 billion. Moody’s also said in a report
in September that it raised its 2022 growth
estimate to 4.5%, up from 3.5%.
Nebati further commented that total
employment in the country rose above
the pre-pandemic period and reached
historically high levels.
Emphasizing that exports continue to
break historical records, Nebati stated that
with the steps taken within the scope of
the Turkish Economy Model, exporters
succeeded in turning the disruptions in the
global supply chain into opportunities and
made exports the locomotive of growth.
“Our exports broke a record in every month
of 2022 and reached the highest level in
the history of the republic, exceeding the
annualized $253 billion in October.”
Nebati stated that total imports increased
with energy imports, which remained high
due to rising global energy prices.
Pointing out that tourism has grown
at a rate above the world average and
outperformed its pre-pandemic levels,
Nebati noted that they expect the course of
tourism to continue for the rest of the year
and a performance well above the record
revenue in 2019.
Nebati said, “While the current account
balance gives a deficit due to energy
imports, the current account balance
excluding energy continues to have a
Nebati stated that the country aims to
permanently improve the current account
balance in the medium and long term with
the policies implemented.
Apart from the investments made in the
renewables sector, the country aims to
reduce foreign dependency on energy
and to further reduce the pressure on
the current account balance and external
financing needs by commissioning the
natural gas discovered in the Black Sea by
2023, he added.
Speaking on the fight against inflation,
Nebati stated that they gave up TL 276.8
billion ($14.89 billion) of tax revenue this
year as part of this. Drawing attention
to the tax cuts aimed at increasing the
purchasing power and welfare of the
citizens, Nebati said that they also support
the most basic expenditures of the citizens.
Reminding that they provide an 80%
subsidy for natural gas used in households
and 50% subsidies for electricity, Nebati
said, “We provide electricity consumption
support up to 150 kilowatt-hours to 2.1
million households. Our target is to increase
this support to 4 million households.”
December 2022 48
Winter eurozone recession looms as inflation hangs on
The eurozone economy will slide into
recession over the winter and will
grow less than expected next year, the
European Union’s executive commission
said.The warning comes as peak inflation
hangs on for longer than expected
and high fuel and heating costs erode
consumer purchasing power.
High energy prices, the rising cost of
living, higher interest rates and slowing
global trade “are expected to tip the EU,
the euro area, and most member states
into recession in the last quarter of the
year,” the forecast highlighted.
The growth forecast for all of 2023 was
lowered to 0.3% from the 1.4% expected
in the previous forecast from July.
“The EU economy is at a turning
point,” said Paolo Gentiloni, European
commissioner for the economy.
“After a surprisingly strong first half of the
year, the EU economy lost momentum in
the third quarter and recent survey data
point to a contraction for the winter,” he
told reporters in Brussels. “The outlook
for next year has weakened significantly.”
The worst performer next year is likely to
be Germany, Europe’s largest economy
and one of the most dependent on
Russian natural gas before the war in
Ukraine. Germany was expected to see
the output shrink by 0.6% over the next
Gas and electricity prices have soared as
Russia has dialed back supplies to Europe
to a mere trickle of what they were before
the invasion of Ukraine. European officials
say the cutbacks are energy warfare by
Russia to punish EU member countries
for their support for Ukraine, while
state-owned supplier Gazprom has cited
technical reasons and a refusal by some
customers to pay for gas in rubles.
Inflation will peak later than expected,
near the end of the year, and will lift the
average rate to 8.5% for 2022 and to
6.1% for 2023 in the eurozone. That is an
upward revision of nearly 1 percentage
point for 2022 and over 2 points for 2023.
Two consecutive quarters of falling output
is one common definition of recession,
although the economists on the eurozone
business cycle dating committee use a
broader set of data including employment
“We are approaching the end of a year
in which Russia has cast the dark shadow
of war across our continent once again,”
But apart from the expected technical
recession, the eurozone’s unemployment
rate, aggregated deficit, and debt or
the current account balance will not
deteriorate much, if at all, the forecasts
showed. The commission indicated that
the job market was likely to hold up
relatively well despite shrinking output
over the winter, forecasting an increase
in the unemployment rate from 6.8% this
year to 7.2% next and a decrease to 7% in
“The EU economy has shown great
resilience to the shockwaves this has
caused. Yet soaring energy prices and
rampant inflation are now taking their
toll and we face a very challenging period
both socially and economically,” Gentiloni
December 2022 50
Europe could face gas
shortage next year: IEA
Europe must act immediately to prevent
a shortage of natural gas next year as
Russia slashes deliveries in the wake of
the Ukraine war, the International Energy
The IEA said the shortfall would occur if
Russia stops pipelines deliveries completely
and China steps up its imports of liquefied
natural gas, which Europe has relied upon
to replace Russian supplies.
The region could lack 30 billion cubic
metres that it needs “to fuel its economy
and sufficiently refill storage sites during
the summer of 2023, jeopardising its
preparations for the winter of 2023-
24,” the Paris-based agency said in a
report. “We believe Europe needs to take
immediate action to avoid risks of natural
gas shortage next year,” EA Executive
Director Fatih Birol told reporters.
“We’re ringing alarm bells for the European
governments and for the European
Commission for next year,” he said.
Russia has drastically cut supplies to Europe
in suspected retaliation against Western
sanctions over its
invasion of Ukraine,
but the region
was able to fill
storage sites for this
The IEA said Moscow delivered 60 billion
cubic metres of gas to Europe this year but
that it was “highly unlikely” that Russia
would provide the same amount in 2023
and could cease deliveries entirely.
And while Chinese LNG imports were
lower in the first 10 months of this year,
the world’s second biggest economy could
grab 85 percent of the expected increase in
global LNG supplies if its purchases recover
European Union governments have urged
business and households to conserve
energy this winter in efforts to lower
demand and scrambled to find alternative
Norway has overtaken Russia as Europe’s
main natural gas supplier. The region has
also shipping LNG from other countries at
a rate that has caused bottlenecks at ports.
Gas prices, meanwhile, have fallen sharply.
But Birol said Europe’s gas storage sites
may only be 65 percent full in 2023,
compared to 95 percent this year.
“With the recent mild weather and
lower gas prices, there is a danger
of complacency creeping into the
conversation around Europe’s gas supplies,
but we are by no means out of the woods
yet,” Birol said in a separate statement.
Birol warned that Europe will face “an even
sterner challenge” next winter.
“This is why governments need to be
taking immediate action to speed up
improvements in energy efficiency and
accelerate the deployment of renewables
and heat pumps -- and other steps to
structurally reduce gas demand,” he said.
December 2022 52
Türkiye eyes wider share in
global services exports’
Türkiye wants to expand its share in global
services exports with newly-developed
incentives, Deputy Trade Minister Özgür
Volkan Ağar said at the Services Export
Summit, held under the scope of the
Türkiye Export Campaign, launched by the
Noting that Türkiye only had a 1% share
in the global services sector in 2021, with
$61 billion worth of services exported,
Ağar said the country’s new support and
incentive package announced by the
government in 2022 will boost these
Meanwhile, associate professor Mustafa
Aydın, the deputy president of the services
export association, noted that the sector,
which includes 10 sub-categories, including
education, health and port services, makes
great contributions to the Turkish economy
and the current account deficit.
“It is crucial to produce paths for new
initiatives, new fields and markets in the
services export sector,” he told the panel.
December 2022 56
Moroccan Automotive Industry Show
International Automobile Spare Part Fair
organized by Global Fairs & Events within
the Office des Changes of Casablanca
attracts global interest.
During the last decade, the automotive
industry has been constantly rising to
sustainable levels of growth in Morocco.
Its outstanding performance allowed
the country to become the number 1
Manufacturer in Africa, and generated
more than 72 billion MAD in export,
making the automotive industry the
top exporting sector in the country.
Additionally, it is expected to grow even
more in the upcoming 5 years and is
expected to register a CAGR of 5.6% by
As an international industrial trade show
dedicated to the spare parts sector and
automotive industry, MATS strives to
assemble the best and widest range
on offer from product and equipment
manufacturers and distributors. MATS
fulfils its role both as a major industry
event and as a decision-making tool
to choose the right solutions for car
repairs, servicing and equipment or for
sourcing new suppliers for importers and
distributors. You will be able to meet your
suppliers in international manufacturers
of auto parts and components seminars
dedicated to localization plans and hold
negotiations with domestic and foreign
Major products to be exhibited are:
Parts and Components • Engine and
mechanical systems • Gearbox, exhaust,
axle, steering brakes and suspension
• Electrical and electronic systems
• Tires, Wheels and batteries. Accessories
and spare parts • Interior lining
• Car audio and video systems
• Navigation and telecommunications
• Air conditioning systems • Vehicle safety
and security systems Repair & maintenance
• Equipment and tools • Body repair
• Protection against corrosion • Disposal
• Lubricants, oils and auxiliary materials.
Car wash, service station and car care •
Washing facilities and accessories
• Cleaning and maintenance products
• Charging station and equipment
December 2022 58
Türkiye says on course to achieve
$250B exports despite challenges
Trade Minister Mehmet Muş said Türkiye
remained on course to achieve its year-end
exports target, despite global uncertainties
spearheaded by deteriorating demand in
Europe. Demand in the country’s largest
market is expected to weaken even further
in the coming period, constituting a serious
risk for Türkiye’s trade. The gloomy outlook
was affirmed by data that showed demand
in Türkiye’s key export markets continued
to weaken in October.
“As of now, we think we will achieve
this (2022) goal. There is no question of
any deviation from this goal,” Muş told
the sixth edition of the Türkiye Export
The event was organized by Türkiye’s
leading media group and Daily Sabah’s
parent company, Turkuvaz Media, in
Istanbul. Türkiye’s exports remained
buoyant and rose 15.4% from January
through October this year to $209.5 billion,
according to official data, marking an
all-time 10-month high. Türkiye has set a
$250 billion export target for this year, after
reaching a record $225 billion in 2021.
Regarding 2023, Muş said they would
“reflect all our energy on the field” to
ensure exports stay on the upward path.
Muş said there has been a slowdown
in the growth trend of exports, citing
weakening demand in the European
Union, where almost half of the Türkiye’s
“A slowdown there (in Europe), whether
we want it or not, a drop in demand there
affects our exports,” he said.
Shipments to the EU jumped 13.5% in the
first ten months, with Türkiye enjoying a
$9.7 billion surplus in trade with the bloc.
Muş stressed Türkiye’s efforts to diversify
markets and cited the government’s
strategy to boost sales to remote
“The share we have in the world exports is
1%, but the share we hold in the countries
we identify as distant countries is 0.25%.
Therefore, we have a goal to raise it to the
same level,” he added.
“We want to increase our share here to
the average level of 1%, which is the share
we receive from the world. This means
an increase in exports to us with today’s
figures of an additional $80 billion.”
This is a difficult process, Muş said, citing
challenges regarding logistics, planning
and distribution channels. But he noted
the expanded trips, fairs and organizations
in the targeted markets.
Muş expressed that the image of Türkiye
and Turkish products in remote countries
is “very positive,” stressing that they
would focus very intensively on them in
the coming period and that these studies
may take up to four months.
He stated that the EU would retain its
weight in this period but said markets of
similar importance may emerge in the
Muş said the uncertainty was the main
factor triggering the slowdown in demand
for exports, warning that 2023 would be
an even more challenging year for the
“Costs are financed in some way, the
size of financial costs or the size of
investment costs are somehow endured,
but the negativity of expectations about
the future, the expectation of what will
happen, stops everything,” the minister
“In other words, another development
can happen in a country when you never
expect it. Therefore, this expectation
inevitably reduces investment decisions
and demand incredibly.”
Muş cited downward revisions by
international organizations for the global
economy, including the EU.
“They are revising downward their growth
expectations for trade for 2023. Therefore,
the year 2023 will be more difficult for the
world than 2022,” he said.
December 2022 60
Turkish Airlines receives sustainability award
Turkish Airlines has been awarded the
“Airline Sustainability Innovation of the
Year” award by the Centre for Aviation
“Turkish Airlines, which puts sustainability
at the center of its business model, won
this award within the scope of sustainable
innovation with the ‘Microalgae Based
Sustainable Bio-Jet Fuel Project [MICRO-
JET],’ in which it worked closely with
scientists to develop the world’s first
carbon negative sustainable aviation fuel
[SAF],” the flag carrier said in a statement.
Micro-Jet, jointly carried out with Boğaziçi
University, aims to produce biofuels from
microalgae using hydro-processed fatty
acids and hydrothermal liquefaction
methods. Turkish Airlines plans to use
this biofuel, which will be obtained from
sustainable sources and is a project output
that contributes to nine of the United
Nations Sustainable Development Goals,
in its flights after the engine tests to be
carried out by Turkish Technic.
When the national flag carrier uses this
fuel, it will be one of the few global
companies that can use the cleanest type
of biofuel, the statement added.
“As the airline that flies to more countries
than any other airline in the world, we
appreciate the sustainable aviation fuel as
a key element in our sustainability strategy
on reducing aviation’s environmental
impact,” said Levent Konukçu, chief
investment and technology officer at
“We will continue to invest and support
sustainable aviation fuels and focus on the
future of our world.”
Turkish Airlines said it received APEX World
Class and 2023 Five Star Global Airline
awards with its service standard from the
Airline Passenger Experience Association
(APEX ), one of the world’s most trusted
and prominent aviation organizations.
December 2022 62
Europe’s Electric vehicle 2022 sales grow in
Q3 despite economic challenges
Following a series of economic downturns, the European electric
vehicle (EV) market is showing resilience despite the prevailing
macroeconomic factors that have impacted consumer spending.
In particular, data acquired and calculated by Finbold on November
29 indicates that as of Q3 2022, the total number of Battery Electric
(BEV) and Plug-in Hybrid Electric (PHEV) new passenger vehicles
registrations in Europe stood at 571,377. The value represents
a quarterly increase of about 1.98% from Q2’s value of 560,266.
During Q1, the region recorded a registration of 562,276 units.
A breakdown of the car types indicates that BEVs stood at 355,336
in Q3, slightly increasing from Q2’s figure of 322,144, while in the
first quarter, the registration was 325,285. Elsewhere, during the
third quarter of 2022, the total registered PHEVs was 216,041, a
drop from Q2’s 238,122. During Q1, the region had 236,991 new
Notably, the total number of new passenger car registrations across
Europe with an alternative fuel type recorded a quarterly drop
of 2.47% to 1,265,947 in Q3. In Q2, the cars stood at 1,297,966,
representing a drop of 2.88% from Q1’s 1,336,523.
Drivers of Europe’s EV market growth
The research acknowledged that the European EV market had
grown significantly while highlighting some key drivers. According
to the research report:
“In general, the European EV market’s previous growth has
been attributed to factors like increased income levels within a
climate-conscious population, robust government support for the
EV industry, and an extensive public-private partnership for EV
Despite the growth, the EV space still faces several hurdles, with
the cost factor emerging as a critical obstacle. At the same time,
how the prevailing economic conditions will impact the sector is yet
to be seen.
Read the full story with statistics here: https://finbold.com/
Find one of the charts below:
December 2022 64
French automaker Renault announced
a major reorganization, splitting its
operations into a new electric vehicle unit
and a separate internal combustion engine
division with China’s Geely.
The flagship division of its revamp, electric
vehicle and software entity Ampere, was
being prepared for an initial public offering
(IPO) on the Euronext Paris in the latter
half of next year at the earliest, it said in a
The new entity will employ around 10,000
staff in France and produce the R5 and 4L
electric vehicles in the north of the country,
the carmaker said as it outlined the revamp
The electric vehicle market is expected to
grow rapidly in response to consumers’
worries about climate change, putting
pressure on manufacturers to develop less
The European Union agreed to phase out
new carbon dioxide-emitting vehicles
by 2035, a move set to turbo-charge the
production of electric prototypes on the
Renault said it plans to invite investment
in Ampere but would remain the majority
shareholder with “the support of potential
strategic cornerstone investors.”
Renault also intends to combine its
technological, manufacturing and research
and development activities for its hybrid
and internal-combustion vehicles with
Chinese automaker Geely in a new entity,
The groups will share the division to design,
develop, produce and sell components and
systems for hybrid and internal-combustion
vehicles, employing 19,000 people at 17
powertrain factories and three research
and development hubs across Europe,
China and South America.
In 2020, Renault suffered a historic loss
and its recovery was destabilized by its
withdrawal from Russia following Moscow’s
invasion of Ukraine. The value of traditional
car manufacturers pales in comparison to
new players on the market specializing in
electric vehicles such as Elon Musk’s Tesla
or Chinese firm BYD.
Renault still needs a large investment
to accelerate its electric transformation
according to plans it presented in 2020.
U.S. giant Ford has taken similar steps,
announcing the the “Ford Model E”
earlier this year. The announcement
comes as the sales of traditional internalcombustion
vehicles fall. In the first nine
months of 2022, hybrid and electric
vehicles represented 38% of the brand’s
registrations in Europe, a year-on-year
increase of 12%.
The separation of Renault’s activities
has concerned trade unions after several
waves of job cuts. Investors expressed their
interest in Renault’s transformation, with
the group’s stock value climbing 3.77% on
the Paris stock market.
December 2022 68
Wiesmann reveals next generation technologies for
latest Project Thunderball – the world’s first
all-electric convertible roadster
Wiesmann, the luxury sports car marque,
has revealed further technical details of
its highly-anticipated all-electric vehicle
codenamed Project Thunderball – a
vehicle that represents a return for the
iconic brand with the world’s first electric
convertible roadster. Designed with
Wiesmann’s DNA running throughout, the
car is an evolution of the exclusive German
brand’s history combining the distinctive,
sleek, looks of a Wiesmann with a modern,
highly engineered, electric powertrain
providing breath-taking performance.
The two-seater, rear-wheel drive Project
Thunderball sees twin electric rear-mid
mounted motors delivering up to 500kW
(680hp) to the rear wheels and 1100 Nm
of torque, bringing phenomenal straightline
performance and a targeted 0-62mph
(0-100km/h) sprint acceleration time of 2.9
seconds. Wiesmann’s precise engineering
of the cutting-edge electric powertrain
is key to delivering an emotional driving
experience that is a trademark of
Wiesmann sports car, embodied in timeless
design that befits a performance EV of the
Platform and packaging
Project Thunderball has been built on
a bespoke chassis architecture with its
powertrain components cleverly packaged
to provide the lowest possible centre
of gravity. To keep the typical roadster
proportions, the position of the driver and
passenger are positioned as far backward
as possible, presenting a challenge to
integrate the drivetrain and large battery
into the vehicle’s small footprint.
The challenge was welcomed by its
engineers who have pushed the limits
of architecture configuration by locating
the drivetrain behind the driver’s seat
and battery modules in a T-shape along
the centre tunnel and into the front of
the vehicle along with the twin Axial flux,
PMSM e-motors. With lightweighting key
to efficiency, the vehicle’s powertrain
combined with its carbon fibre body
astonishingly weighs in at little more than
1700kg (3747lb), providing an outstanding
2.5kg per HP of performance.
At the heart of the vehicle lies one of the
most energy and power-dense battery
packs available, providing a target range
of 500km (310 miles). The 92kWh (83kWh
available), Li-ion NMC, “module-to-pack”
technology is based on series modules with
December 2022 70
integrated pouch cells, which in total weigh
a very lightweight 500kg,
The impressive battery capacity is uniquely
high for a roadster and more akin to that
of a sedan or SUV. Installing this capacity
into a roadster will bridge the gap from
a pure short-trip leisure car to a serious
weekend car. In addition to this, owners
can forget about charging anxiety thanks
to its state-of-the-art 800V high-voltage
architecture enabling ultra-rapid 300kW
DC fast charging at a public charger
or charging domestically via its 22kW
onboard charger. Charging is provided via
a standard Type-2 charging port with ACand
DC charge ports. To keep the battery
performing at such a high level, Wiesmann
engineers have developed a sophisticated
thermal management system for the
battery module. Using a water-glycol mix,
the modules are cooled via a bespoke
designed, flow-simulated and optimized
cooling plate, which transfers the heat
to the base of the module as quickly as
A bespoke Battery Management System
[BMS] has also been developed, which has
given Wiesmann engineers the freedom to
adjust, calibrate and fine-tune the vehicle’s
drivability that is optimised for all driving
states and ambient conditions.
Regenerative braking system
Wiesmann’s mission with Project
Thunderball is to imbue its sports car
with the emotion and immersive feel so
many modern EVs lack. To create that
incomparable driver-orientated Wiesmann
experience, and to implement their own
idea of how an emotional EV drives, a
unique Intelligent Regenerative Braking
System has been specifically developed.
With five setting levels available, the
steering wheel-mounted paddles allow
instant adjustment of the car’s regenerative
braking power, much like the shifting of
gears on an ICE car, so drivers are more
As well as providing driving pleasure, the
driver can change the twin electric motors’
feel to give a powerful engine braking
effect when going downhill or braking
into corners, which recharges the battery
to regain additional range, and allowing
optimum use and minimal waste of energy.
The return of Wiesmann
Roheen Berry, CEO of Wiesmann said,
“The continued development of Project
Thunderball is bringing Wiesmann ever
closer to the goal of producing what
will be the world’s most exciting electric
sports car. Thanks to endless research and
testing, the roadster will blend our bespoke
cutting-edge powertrain technology with
Wiesmann’s trademark German engineering
excellence. We are putting the emotion
back into EVs. Which is why technology has
been a key part of this project, creating a
vehicle that not only has the stunning looks
of a true Wiesmann, but also drives like a
world-class sports car. Iam equally pleased
to say that we have had an enthusiastic
response from customers. Since opening the
reservations list at the end of September,
we have ¾ of the first year of production
slots allocated, proof that they are just as
excited about the new technology in Project
Thunderball as we are.”
The goal is to
build a global
Osman Öğüten, General Manager of MC Filter
MC Filter, which has succeeded in being the 46th of Türkiye’s Top 100 Fastest Growing
Companies in 2021, continues its production with the dream of building a global brand.
Founded in Samsun in 2008 by
two brothers, MC Filter produces
approximately 2000 types of filters in
the Automotive and Industrial group
with its professional staff. Declaring
that they continue their activities
in their new production facilities
in March, Osman Öğüten, General
Manager of MC Filter answered our
questions about production, export
and other their activities.
In line with this goal, with the
understanding of quality, continuous
improvement and after-sales support;
it produces filters for Industrial use
and automotive industry with its
First of all, can you tell us about
The primary goal of MC Filter is
to ensure customer satisfaction
and gain the trust of the customer.
December 2022 76
What distinguishes yourself from your
MC Filter aims to offer quality products to
its customers at competitive prices. In this
direction, MC Filter has a rapidly increasing
product variety with its molding workshop,
metal forming workshop and plastic
injection workshop, quality reliability
thanks to its laboratory, professional
production techniques with a staff of 36
engineers and with its innovation skills
through 15-person R&D team.
MC Filter distinguishes itself from its
competitors by delivering quality products
to its customers in the fastest way with
What about your export activities?
What are your goals?
Our company exports to 35 countries,
especially European countries. We export
approximately 35% of our production. Our
goal is to proudly represent our country all
over the world as a strong global brand.
Could you inform us about your new
Our company produces approximately 2000
types of filters with its 2 facilities of 7500
m² and a staff of 340 people in a total open
area of 15.000 m².
We now have a more integrated facility by
using the technological investments we
made with our new facility. We are also
in the approval phase for our R&D Center
application. In order to become an original
equipment manufacturer, we quickly make
up for our shortcomings.
Our approximate production capacity in
the fields we describe as Automotive and
Industrial is 700,000 units/month.
In order to increase customer satisfaction,
product diversity, product and process
quality and production capacity, we serve
with the amateur spirit of the first day,
with the principle of “no excuses, only
solutions” in our new facility.
as risk for
Trade Minister Mehmet Muş warned of
uncertainties for the period ahead as
he said the demand that is expected to
deteriorate further in Europe constituted a
serious risk for Türkiye’s trade.
“Uncertainties are likely to increase even
more in the coming period,” Muş said
during budget talks at Parliament’s Plan
and Budget Commission.
The gloomy outlook was affirmed by
data measuring conditions in key export
markets, showing demand in Türkiye’s key
export markets continued to weaken in
Türkiye’s Manufacturing Export Climate
Index dropped to 47.9, a survey by the
Istanbul Chamber of Industry (ISO) showed,
marking a fall for the third consecutive
The reading had run above the threshold
level of 50 separating growth from
contraction for 19 months before slipping
to 48.8 in August. It was unchanged in
The deterioration in October was the
highest since June 2020 when Türkiye
was plagued by the first wave of the
coronavirus pandemic, ISO said.
Muş cited the growing risk stemming from
weakening demand in the European Union,
Türkiye’s biggest export market.
“This is why we are carrying out the
necessary studies to strengthen our market
diversification by directing our exporters to
alternative markets,” said the minister.
“Uncertainties are likely to increase even
more in the coming period. A difficult
period is ahead facing all countries on a
The survey by ISO said output in Germany,
the largest export market for Turkish
manufacturers in Europe, declined for
the fourth month in a row, with the fall
accelerating compared to September.
The United Arab Emirates (UAE) was the
only country of Türkiye’s top 18 export
markets that registered an increase in
economic activity in October, the survey
“The fact that only the UAE remains in
the growth zone among the main export
markets ... clearly shows that the slowdown
in the global economy is widespread,” said
Andrew Harker, economics director at S&P
Global Market Intelligence.
“Current trends suggest that manufacturers
will continue to have difficulty obtaining
new orders from export markets at least for
the rest of 2022,” Harker noted.
Türkiye’s exports remained buoyant and
rose 15.4% from January through October
this year to $209.5 billion, according to
official data, marking an all-time 10-month
Türkiye has set a $250 billion export target
for this year, after reaching a record $225
billion in 2021.
Shipments to the EU jumped 13.5% in the
said period, Muş said, stressing Türkiye
enjoyed a $9.7 billion surplus in trade with
“This successful performance was achieved
despite the negative factors on a global
scale, as well as the serious negative effects
of the decline in (foreign exchange) parity
on our foreign trade,” he added.
Muş said exports would have been $12
billion higher and the trade deficit some
$2.8 lower in the first 10 months had the
euro not declined against the dollar.
Imports, on the other hand, surged
39.5% from January through October to
$300.55 billion, the data showed, driven by
rocketing energy costs and a jump in gold
Energy imports leaped 118.4% year-overyear
to $43.7 billion, while gold purchases
soared 198.4% to $10.1 billion.
Approximately 63% of the increase in
imports stemmed from energy and gold,
Muş said. Muş also said the volume of
e-commerce that gained major pace with
the pandemic more than doubled in the
first half of this year.
“The e-commerce volume that stood at TL
161 billion in the first six months of 2021
increased to TL 348 billion in the same
period of 2022,” the minister said.
Muş informed that TL 13.3 billion out of
the TL 17.12 billion budget estimated for
the ministry in 2023 would be used for
rearrangement and development of trade.
December 2022 78
Firms’ FX assets
at $171 billion
Foreign exchange assests of non-financial
companies declined by $260 million from
July to $171.4 billion in August, data from
the Central Bank have shown.
Liabilities of those companies, on the other
hand, fell by $2.3 billion in the same period
to $260.5 billion.
“Net foreign exchange deficit was $89.1
billion indicating a decrease of $2.02
million compared to July,” the Central
Bank said. On the asset side, deposits held
by domestic banks decreased by $970
million, while export receivables and direct
investments abroad increased by $446
million and $259 million, respectively.
“On the liability side; while domestic
loans decreased by $4.3 billion, external
loans -excluding trade credits- and import
payables increased by $1.1 billion and $993
million, respectively,” the bank said.
Short-term external loans were down by
$733 million, but longterm external loans
increased by $1.3 billion over the same
Foreign trade in Turkish Lira leap 110 percent
Türkiye’s foreign trade volume in the
Turkish Liras increased by 110 percent in
the first 10 months of 2022 from a year ago
to stand at 297 billion liras, the latest data
from the Trade Ministry have shown.
Exports in the local currency amounted to
98 billion liras in January-October, rising
from 51.25 billion liras in the same period
of last year, while imports increased from
90 billion liras to 199 billion liras.
The number of countries that Türkiye sold
its products in Turkish lira was 164, while
the number of local companies engaged
in exports in local currency reached nearly
6,900 in September. The country’s exports
increased by 2.8 percent year-on-year for
an all-time-high October figure of $21.3
billion. Imports grew nearly 32 percent on
an annual basis to $29.3 billion.
Türkiye’s foreign trade gap consequently
widened more than 430 percent month
from a year ago to $8 billion.
Data from the ministry also showed that
exports of high-tech products exhibited
an annual decline of 3.2 percent to $2.2
billion, while exports of medium hightech
production rose by 12 percent to
$9.2 billion. Medium low-tech products
generated $9.5 billion in revenues, leaping
72 percent from October last year.
Nissan, Mitsubishi considering to invest in
Renault’s new electric car brand
Nissan Motor and Mitsubishi Motors may invest in Renault’s
new electric vehicle company Ampere, the French automaker
“Renault Group revolutionizes itself focusing resources on the
value chains arising from the transformation of the automotive
and mobility industry: electric vehicles (EV), software, new
mobility services, circular economy, in addition to ICE (internal
combustion engine) & hybrid vehicles,” it said in a statement.
The French automaker said it aims to list the new company
in Europe in the second half of 2023, opening to external
investors to hasten R&D and ecosystem development.
Ampere, which will be based in France and employ about
10,000 people, will also develop software for cars besides
manufacturing and selling fully electric passenger vehicles,
according to Renault.
December 2022 82
Caliskan Dokum started its production in Istanbul in 1983
by producing cast iron fittings. In 2017, it continued the
production on the DİSA Matic vertical molding line in its
foundry located in Tekirdag-Cerkezkoy.
Caliskan Dokum meets the needs of the market with high
volume casting requirements by producing pig, nodular and
tempered cast iron parts in its new modern facility.
Caliskan Dokum is a manufacturer of fittings and operates its
own brand, Caliskan Fittings. Thus, as a company culture, it
has the opportunity of higher quality and more professional
production in small figure parts. Our company, which makes
the machining of its own products, gives the products
that are poured in its own machining track as threaded
according to the customer demand.
Caliskan Dokum molding line is DISA Matic 2013 MK 4 and its
molding size is 480 x 600 mm. Our casting cooling line is 50
meters, which gives us an advantage in competition.
In our foundry, we cast products with a part weight between
50 gr and 30 kg as ductile iron
or temper, with or without
cores. Cores are produced by
hot box, cold box or shell core
processes, depending on the
requirements and complexity of
the parts being manufactured.
Caliskan Dokum casts EN-
GJL-150 (200-250-300), EN-
GJS-400 (450-500-600) and
to customer demand and
Caliskan Dokum melting facility;
the inductothermy is a 2000 kg Duel-Track, with a double
crucible melting furnace that melts 600 tons per month. Our
company, which attaches importance to the sand process,
aims to make castings of even better quality with different
recipes and different sand processes for each poured
product. Each poured product is tested in the laboratory,
accompanied by spectral analysis, both after casting and
Our company, which adopts customer satisfaction as a
principle, provides services to the construction, automotive
and agriculture sectors. As Caliskan Dokum, our primary
mission is to be the first choice of our valued customers with
our products, solutions, after-sales confidence and business
ethics. In our company, where customer satisfaction is the
top priority, our customers are provided with after-sales
support in all matters.
Trade Ministry working to diversify export markets
The Trade Ministry is working to diversify
Türkiye’s export markets as demand from
the European Union is expected to weaken,
Trade Minister Mehmet Muş has said.
Global risks and uncertainties are likely
to heighten for Türkiye too in the period
ahead and demand from the European
Union, which is foreseen to lose
momentum further produces risks for
the country’s exports, Muş said, speaking
at the parliament’s budget and planning
“That’s why we are working on plans,
which are designed to diversity markets
by channeling our exporters to alternative
markets,” the minister added.
Muş noted that 328 actions which targets
18 nations, have already been taken under
the “distant countries” strategy, which
aims to increase Türkiye’s exports to those
The minister recalled that Türkiye’s exports
increased by 15.4 percent in the first ten
months of 2022 compared with the same
period of last year to $209.5 billion, with
sales to the Americas recording the highest
“Exports to the European Union, our
largest trading partner rose by 13.5
percent,” said Muş, noting that Türkiye’s
trade surplus with the bloc reached $9.7
The trade surplus with the U.K amounted
to $6 billion, he added.
“This success was achieved despite the
adverse impacts from the U.S dollar to euro
Muş also stressed the effects of high
energy prices on Türkiye’s import bill.
Some 63 percent of the increase in the
country’s imports stemmed from the
energy and gold imports, he explained.
“Our energy imports grew by 118.4 percent
or by $43.7 billion in the first ten months
of 2022 from a year ago. This increase
was due to the [energy] prices. Our gold
imports rose by 198.4 percent or $10.1
billion over the same period compared
with the ten months of 2021,” Muş
Türkiye’s overall imports amounted to
$300.6 billion in January-October, rising
39.5 percent year-on-year, according to the
latest data from the Trade Ministry.
The country’s foreign trade deficit soared
168.5 percent to $91.1 billion.
In October alone, exports increased by 2.8
percent on an annual basis to $21.3 billion,
while the increase in imports was 31.9
percent to $29.3 billion. The foreign trade
gap widened more than 430 percent yearon-year
to $8 billion.
Meanwhile, the Istanbul Chamber of
Industry’s (ISO) Türkiye manufacturing
export climate index dropped to 47.9 in
October from 48.8 in September.
“Demand conditions in export markets
have now deteriorated in three successive
months, with the latest moderation the
sharpest since the initial wave of the
COVID-19 pandemic in June 2020,” the
chamber said in a statement.
December 2022 86