Automotive Ekports April 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
enes.karadayi@img.com.tr
International Marketing Coordinator
Ayca Sarioglu
ayca.sarioglu@img.com.tr
Advisory Editor
Yusuf Okçu
yusuf.okcu@img.com.tr
Finance Manager
Cuma Karaman
cuma.karaman@img.com.tr
Digital Assets Manager
Emre Yener
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Technical Manager
Tayfun Aydın
tayfun.aydin@img.com.tr
Graphic & Design Advisor
Sami aktaş
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Accountant
Yusuf Demirkazık
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Subsciption
İsmail Özçelik
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Mehmet Soztutan, Editor-in-Chief
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Heading to Astana
The automotive industry is one of the remarkable “locomotives” of the Turkish
economy. It assembles some of the country’s largest exporters and represents one
of the leading investor industries. A multitude of enterprises engage themselves
in both production and trading, adding enormous value to the already dynamism
of the automotive industry.Türkiye’s autoparts industry exports are increasing
steadily year by year.
Competitiveness at the domestic level has been replaced with competitiveness
on a global scale. The Turkish automotive industry, which was originally founded
for import-substitution purposes and focused on the domestic market for a long
period, transformed itself into a production base for a number of global models.
In motor vehicles, a large number of EU legislation was adopted. Turkey has been
continuing efforts to introduce the relevant legal arrangements, and significant
progress has been achieved in this field.
It is the only country within the surrounding geographical area to have established
a well-advanced automotive industry. Therefore, the automotive industry is
strategically important both for Türkiye and for the firms that invest in Türkiye.
The Turkish automotive supplier industry produces almost all types of parts,
components and spare parts such as engines and engine parts, power train
parts and components, brake and clutch parts and components, hydraulic and
pneumatic systems, suspension systems, security systems, rubber and plastic
parts, chassis, frames and parts, casting and forging, electrical equipment and
parts, lighting systems, accumulator batteries, seats etc.
The structure of the automotive industry is changing dynamically, making Türkiye
an alternative suppliers center for global manufacturers.
Actually, the brand name Automechanika signifys successful fairs for the
automotive original equipment manufacturing and aftermarket industries around
the world. Whether in Europe, Asia or the Americas, Automechanika aims at
providing the ideal trading and information platform for automotive professionals.
Messe Frankfurt’s international expertise in the field of trade fair organization
and in-depth knowledge of the most dynamic markets provides the base for each
Automechanika Fair.
This month, we are at Automechanika Astana, 2024 to convey the messages of
Turkish auto parts industrialists and exporters.
Our publications remain at the service of those business people seeking to
increase their share in the increasingly competitive automotive markets.
We wish Turkish automotive exporters and their trading business people lucrative
business.
automotiveexport
EDİToR
automotiveexports

Automechanika and Frost & Sullivan
forge new partnership for Global Impact
Frost & Sullivan, the Global Growth Pipeline Company, is joining forces with
Automechanika, the leading international trade fair brand for the automotive
aftermarket, to enhance their offerings to industry professionals.
This strategic alliance is designed to deliver a
continuous flow of valuable content for the Brand
Automechanika covering pivotal areas such as market
trends, technology, innovation, and emerging business
models, each contributing to transformative growth
across the entirety of the automotive value chain.
Digitisation, as a disruptive trend in the aftermarket,
finds relevance across all global markets. Frost &
Sullivan valued global manufacturer-level replacement
parts revenues at $470.9 billion in 2023. While
vehicle ageing and average annual mileage will drive
aftermarket demand, trends like electrification, vehicle
autonomy, and remote diagnostics will boost the
outlook further.
Kamal Shah, Associate Partner & Head of DACH
Region at Frost & Sullivan: “Our sector analysis
underscores the pivotal role of digital advancements
in steering the aftermarket towards unprecedented
growth. As the industry transforms, businesses are
encouraged to embrace innovation.”
“This partnership marks a powerful synergy between
Frost & Sullivan’s expertise in the automotive
aftermarket sector and Automechanika’s commitment
to delivering exceptional trade show experiences.
Through our strategic alliance, both parties aim to
elevate the industry’s knowledge-sharing landscape
and provide unparalleled value to participants and
exhibitors at each of Automechanika’s 14 events
around the globe in 2024.”
Michael Johannes, Vice President Mobility & Logistics
at Messe Frankfurt: “We have been utilising Frost &
Sullivan’s industry expertise for many years. Now we
want to intensify our co-operation in terms of content
and use it for the strategic orientation of our brand. We
expect the collaboration to provide new and important
impetus for the further development of our international
Automechanika trade fairs. The knowledge of trends
and new industry players in markets worldwide is
invaluable for interlinking content throughout our
international events. We are excited about the cooperation.”
As a Global Knowledge Partner, Frost & Sullivan
is excited to actively contribute to the knowledge
enrichment at Automechanika’s portfolio of
international trade fairs spanning four continents,
as well as the potential impact this collaboration will
have on advancing industry knowledge and fostering
innovation within the automotive aftermarket.
Frost & Sullivan is offering members of the
Automechanika community a 20% discount on the list
price of all Mobility Growth Opportunity Analytics on
the company’s Online Store.
April 2024
12

One Spare Parts, number-one
automotive spare parts supplier
With nearly 15 years of domestic and foreign trade
experience in the automotive sector, One Spare
Parts company laid the foundations in Istanbul in
2021 as Moons Automotive Tic. Ltd. The company
has always managed to offer the best products
and made great efforts to use all its knowledge and
experience.
To learn the details of the success story of One
Spare Parts, we have recently conducted an
exclusive interview with Muammer Yumuşak of the
company.
April 2024
Can you briefly introduce yourself and your
company?
Our company, MOONS AUTOMOTIVE TRADING
LTD., is an experienced export company that
spreads its brands to as many countries as possible
worldwide through our international connections.
We operate in the heavy vehicle spare parts industry,
providing aftermarket services from A to Z for
brands such as MAN, MERCEDES, DAF, VOLVO,
SCANIA, IVECO, DEUTZ, RENAULT, CATERPILLAR,
CUMMINS, and all kinds of TRAILER brands.
16

What products are in your portfolio, and what are
the outstanding factors of these products? What
kind of work do you have in product development
and R&D?
Our product groups include all spare part components
compatible with MAN, MERCEDES, DAF, VOLVO,
SCANIA, IVECO, DEUTZ, RENAULT, CATERPILLAR,
CUMMINS, and all types of TRAILER brands, from A to Z.
What features separate you from your competitors?
On this journey, our customers’ satisfaction and
interests are more important than short-term high
profits. Our primary goal is to solve problems instantly
and within the framework of our customers’ benefits
through active dialogues with them.
Do you have any investments planned for the short,
medium, and long term?
Our main goal is to focus on customer satisfaction
based on the experience gained over the years with
our ONE SPARE PARTS and KOENTECH brands, to
become one of the leading companies in the industry
shortly, and to become a company that directs and
sets trends for the market.
Can you provide details about your exports?
What can you say about your strategies regarding
your current and target markets, international
promotions, and participation in fairs?
We aim to reach every point we can in the world related
to our industry. We value participating in fairs, but we
prefer face-to-face meetings with our customers even
more.
Are there any particular issues or topics you would
like to emphasize?
We believe it is necessary to pay attention to the issue
of counterfeit products, which we have unfortunately
started encountering in our industry. We humbly
suggest that our customers should choose their
suppliers carefully and shop from reliable companies.
April 2024
17

Vehicle sales surge by 30% in
Türkiye to hit record in February
April 2024
Vehicle sales across Türkiye rose approximately 30%
year-over-year and marked the highest February figure,
industry data showed building momentum observed
throughout the end of last year and in January.
Some 105,990 units of passenger cars and light
commercial vehicles exchanged hands last month,
the Automotive Distributors Association (ODMD) said
in a statement, pointing to a 112.6% increase when
compared to 10-year average February sales.
Consumers have been opting for cars they see as
an investment tool to shield themselves from high
inflation, keeping demand for vehicles high. Some
1.23 million vehicles were sold nationwide in 2023,
according to the association data.
The rise in sales came despite a sharp rise in the costs
of loans for vehicles after months of rising interest rate
hikes by the central bank aimed at cooling demand
and stemming inflation that ticked up above 67% last
month, according to the official data shared.
Since last June bank lifted its benchmark one-week
repo rate by a cumulative 3,650 basis points but has
held rates steady at its last meeting in February.
In February, passenger car sales soared by 39.67% to
82,277 units and light commercial vehicle sales rose by
6.6% to 23,713, the data showed.
The automotive market sales meanwhile jumped
by 40.6% in the January-February period, reaching
185,691 units. In a breakthrough, electric vehicle (EV)
sales constituted 6.7% of the total sales or 9,772 units
in the same period, according to the ODMD data. On
the other hand, some 21,584 hybrid cars were sold,
making 14.8% of total sales.
When evaluated by body types, SUV cars were the
most preferred body type in the first two months with
a share of 50.7% or 74,143 units. They were followed
by sedans with a share of 29.7% or 43,509 units, and
hatchbacks which constituted 17.8% of all sales or
26,051 units.
22

Auto market expands by
31 percent in February
April 2024
The combined sales of passenger cars and light
commercial vehicles increased by 30.6 percent in
February from a year ago to a total of 106,000 vehicles,
according to the data from the Automotive Distributors’
and Mobility Association (ODMD).
This was slower than the annual increase of 57 percent
in sales in January but on a monthly basis the number
of vehicles sold rose 33 percent. It also marked an alltime
high vehicles sales for the month of February on
record.
Despite the elevated prices, some factors played a role
in the robust demand, according to experts. Disabled
people bought cars to benefit from the special
consumption tax exemptions and those purchased by
car rental fleets, they said.
Passenger car sales grew 39.7 percent year-on-year to
around 83,000 last month after this market expanded
by 72 percent in January when more than 64,000
passenger cars were sold.
“There was strong demand from disabled people for
vehicles in the past two months,” said Alp Gülan, the
board chair of Gülan Otomotiv.
Due to the expectations that Türkiye will have a good
tourism season this year, sales to car rental fleets also
picked up, Gülan added.
The economic policies the government will follow after
the March local elections will set the course for the
auto market in the coming months, he said.
Light commercial vehicle (LCV) sales were up 6.6
percent last month from a year ago to around 24,000.
The electric vehicles (EV) market was still vibrant.
Last month a total of 5,799 EVs were sold, marking
a strong 312 percent year-on-year increase. EVs
corresponded to 7 percent of all vehicles sold in
Türkiye in February.
In this segment, Togg was the market leader. The
country’s indigenous EV maker delivered 1,202
vehicles, while Tesla sold only 75 cars in February.
In the first two months of 2024, EV sales increased
by 295 percent from the same period of last year to
9,772 units. EVs captured a 6.7 percent share in total
vehicles sales.
In the January-February period, Türkiye’s auto market
expanded by 41 percent with total sales reaching
185,691.
Passenger car sales rose more than 52 percent
annually to 146,318, while light commercial vehicle
sales were up 9.8 percent to 39,373, according to
ODMD data. Fiat was the best-selling brand in Türkiye
in the first two months of the year. The carmaker sold a
total of 25,284 vehicles, including passenger cars and
LCVs in January-February.
24

Auto sales, all time high, total 1.23 million last year
April 2024
Türkiye’s auto market expanded more than 57 percent
last year from 2022, with passenger cars and light
commercial vehicle sales hitting an all-time high of 1.23
million. From January to December 2023, a total of
967,342 passenger cars were sold in Türkiye, marking
a robust 63.2 percent increase from the previous year.
Light commercial vehicle sales rose more than 39
percent to 265,294.
The rising star of the market last year was electric
vehicles (EVs). EV sales soared 833 percent in 2023
compared with 2022 to reach 72,179 units, according
to the data from the Automotive Distributors and
Mobility Association (ODMD).
In December alone, 12,078 EVs were sold in the
country, pointing to a remarkable 695 percent year-onyear
increase, led by Togg, Türkiye’s first indigenous
EV company. In the month, Togg delivered 6,011
vehicles, which brought the number of cars the
company sold in the whole of 2023 to 19,583.
U.S. carmaker Tesla sold 12,150 vehicles in 2023 in
Türkiye, with sales in December alone standing at 550
units. Türkiye’s electric vehicle market is expected to
continue to grow at a fast pace well into 2024, with
EV sales forecast to reach 100,000 units, according to
experts.The auto market grew 38 percent in the final
month of last year as the combined sales of passenger
cars and light commercial vehicles hit 158,653 units.
The year-on-year increase in passenger cars slowed
from nearly 40 percent in November to 37.7 percent in
December.
Last month, 158,653 passenger cars were sold, which
was higher than the 115,000 sales recorded in the
previous month. The slowdown in the pace of annual
growth in passenger car sales started in August. The
year-on-year sales eased from 118 percent in July to
85 percent in August, further losing pace in September
(55.9 percent) and October (55.4 percent).
Representatives from the industry expect auto sales to
decline between 35 percent to 40 percent in 2024.
Vehicle sales will be around 750,000 units next year,
where they were in 2020, they predicted.
Bülent Kılıçer, senior assistant general manager at
Honda Türkiye, said last month that difficulties with
accessing loans and prohibitively high prices of brandnew
cars would be the main factors hindering sales.
The automotive industry’s export performance was
also strong last year, with shipments to foreign markets
increasing 13 percent from 2022 to surpass $35 billion,
corresponding to 15.8 percent of Türkiye’s overall
export revenues last year.
26

Welcome to Automechanika Astana!
April 2024
The largest international exhibition of spare parts,
automotive components, equipment and vehicle
maintenance products in Kazakhstan and Central
Asia will take place from 17 to 19 April 2024 at the
international exhibition center EXPO. General sponsor
Automechanika Astana 2024 is Meiji Sangyo Company,
Automechanika Astana is co-located with the
exhibition Futuroad Expo Astana licensed by Messe
Frankfurt Exhibition GmbH (previously held under
the brand CTECA) – Central Asian exhibition of
commercial vehicles and road construction equipment.
Automechanika Astana is a meeting point for the
automotive business community: in the constantly
changing economic conditions. It is important to
know how to establish new supply chains as well as
find direct helpful contacts. And the exhibition is an
opportunity to discuss the details in person.
Leading manufacturers and suppliers of automotive
components, equipment and car maintenance
products, such as Meiji Sangyo Company,
TruckMotors, Bohnenkamp, Oscar Lubricants,
Autograd and many others, will present their products
in April. In addition, many brands can be found at the
stand of BrainStorm, one of the key online stores for
car service equipment in Eurasia.
The international status of the exhibition is confirmed
by companies from Spain, Thailand, Japan, Latvia,
Poland, Belarus, USA, UAE. It will present such
big players as tire manufacturers Huasheng and
Roadboss, one of the leading manufacturers of shock
absorbers and suspensions in China Zhejiang Gold
Intelligent Suspension Corp, developer of scanning
systems Newland and other companies. “And this, of
course, is not the limit. Now we see the demand of
foreign companies for cooperation with the actively
developing Central Asian region,” the press center of
the exhibition explained. Traditionally, the exhibition
for trucks and commercial transport Futuroad Expo
Astana will be collocated with Automechanika Astana.
For example, this year SVS Trans will be among the
exhibitors again. The spare parts for Isuzu, Man,
Komatsu, Volvo, Carrier brands will be presented at
the company stand. The “Fire Safety Center” group
of companies decided to exhibit for the first time,
diversifying the standard exposition with the firefighting
equipment. The largest domestic vehicle
manufacturer Allur will also take part in the exhibition.
Visitors will have an opportunity to get acquainted with
the latest samples of commercial, municipal and road
construction vehicles and a wide range of auto parts.
28

Main draw for EVs in
Türkiye concerns over fuel costs
The primary draw for electric vehicles (EVs) in Türkiye
continues to center on a consumer perception that
fuel costs will be significantly lower, outweighing the
concern for climate change, Deloitte’s 2024 Global
Automotive Consumer Study has shown.
Some 69 percent of those surveyed that lower fuel cost
for the reason for choosing an EV for the next vehicle,
while 52 percent cited concern for the environment.
Last year, 72,179 EVs were sold in Türkiye, marking
an 833 percent increase compared to 2022. EVs
accounted for 7.5 percent of all vehicles sold last year.
The shares of gasoline and diesel cars in the market
were 66.7 percent and 13.8 percent, respectively.
Driving experience and less maintenance ranked third
and fourth in Deloitte’s survey. Another 27 percent
said government incentives, subsidies and stimulus
program is the reason for choosing an EV.
One-third of the surveyed consumers cite cost as the
biggest hurdle to BEV penetration, underlining the
need to address elevated transaction prices, the report
said, adding that top concerns are also directly related
to charging - a key issue for mobility providers to solve
going forward.Half of consumers (51 percent) remain
interested in internal combustion engine (ICE) vehicles.
This was 52 percent in 2023.
At the same time, consumer interest in plug-in hybrids
(PHEVs) continues to grow - rising from 4 percent in
the 2023 survey to 13 percent - while interest in allbattery
electrics remains steady – inching up from 9
percent to 10 percent.
However, a variety of challenges continue to stand in
the way of EVs, including range anxiety, charging time
and availability of charging infrastructure, the report
said. Most EV intenders plan to charge their vehicle
away from home, signaling the need for a robust public
charging network driven by a strategic plan focused on
optimizing a return on the invested capital, according
to the report. Only 7 percent said they expect to
charge their vehicles most often at home against 64
percent at on-street/public charging stations and
26 percent at work. The most important aspect of a
public EV charging experience is ease of use and a
strong majority of consumers surveyed prefer to pay
for charging via a traditional credit/debit card, signaling
the need to simplify the experience using familiar
payment methods.
Two-thirds of non-BEV intenders surveyed would
expect a fully charged BEV to have a driving range of
at least 400 km to consider one as a viable option for
their next vehicle, showed the survey.
April 2024
30

“The Exciting 2024 Trends
Shaping the Automotive World”
Artificial Intelligence (AI):
The dream of self-driving cars is becoming a reality,
with more advanced autonomous features becoming
prominent in cars starting this year. These systems
aim to provide a higher level of automation while
driving on highways or crowded city streets, making
driving safer and more convenient. Additionally, the
Internet of Things (IoT) networks are weaving into
cars, transforming them into mobile hubs that can
communicate with smart homes and each other.
Through digitization, car owners are offered more
personalized and user-friendly experiences. Digital
applications are utilized to monitor vehicle status,
determine maintenance needs, and establish more
effective communication with vehicle owners. Digital
service applications, such as digital vehicle tracking
systems and appointment scheduling software,
contribute to efficiency and improvement in service
processes, gaining popularity among car owners.
April 2024
Murat Günay, the CEO of Rabam
Electric vehicles have made a significant impact
on the automotive sector in recent years, and
advancements in artificial intelligence are transforming
cars into technology hubs. The rise of more advanced
autonomous driving, the surge in micromobility, and
developments in electrification stand out as closely
monitored trends in 2024. Murat Günay, the CEO
of Rabam, emphasizes the industry’s substantial
transformation under the leadership of artificial
intelligence, stating, “The days when our cars can be
managed with our mobile phones are not far away.
Due to the heavy traffic in cities, autonomous driving
technologies attract significant attention both globally
and in our country. We love embracing technology and
are very open to innovations.”
The automotive sector has been witnessing
exciting developments in recent years, ranging from
autonomous driving to interconnected smart vehicles,
electrification, and augmented reality applications. The
CES 2024 Fair held last month provided crucial insights
into the future of automobiles and emerging mobility
solutions. Here are the key trends closely monitored in
the automotive world this year:
AI Behind the Wheel in 2024:
In 2024, AI taking the wheel understands you better
and offers advanced voice assistants familiar with your
driving habits. Traditional in-car displays are giving
way to augmented reality screens, turning your car’s
windshield into an information center where real-time
data can be observed.
Electrification:
The excitement for electric vehicles is shaping the
future of the automotive world. Electric cars have
already made their mark in recent years, but the focus
now shifts to more affordable electric vehicles with
a broader range, faster charging times, and smarter
batteries. As countries adopt cleaner energy and
stricter emission regulations, major car manufacturers
respond to this call. CES 2024 highlighted the
adaptation of electrification beyond cars to various
transportation vehicles. In 2024 and beyond, electric
motorcycles, bicycles, boats, and even private aircraft
are expected to gain more prominence in daily life.
Micromobility:
As the global micro-mobility market continues to grow,
it attracts the attention of renowned investors and
industry players. Micro-mobility solutions, consisting
of e-bikes, e-scooters, and bicycles, will continue to
32

gain popularity in 2024 due to increased demand for
greener transportation options. The shift of millions of
people in large cities towards e-bikes and e-scooters
has a profound impact on the automotive industry,
prompting both new competitors to enter the market
and major automotive manufacturers to adapt their
business models.
Rabam CEO Murat Günay, highlighting the automotive
sector’s significant potential in artificial intelligence,
mentions that manufacturers leverage AI in various
aspects, from predicting vehicle faults to monitoring
driver habits and improving customer service through
advanced voice assistants like ChatGPT and Alexa.
He states, “As seen at this year’s CES Fair, many
companies are focusing on autonomous driving,
productive AI, sensors, micro-mobility, and even
flying cars. Micro-mobility is once again one of the
standout topics in 2024. The global market, driven by
e-scooters and e-bikes, was valued at $3.87 billion last
year and is expected to reach $11.26 billion by 2032,
attracting many traditional automotive manufacturers.
Trends closely followed by Rabam this year include
comprehensive electrification in mobility, integration
of AI into automotive technology, hydrogen-powered
vehicles, and software and hardware integration in
car interior design. On the other hand, the increasing
global demand for green solutions drives car
manufacturers to seek more environmentally friendly
fuels and systems. This year, we can expect to hear
more about hydrogen-powered vehicles, which have
been overshadowed by electric cars in recent years.
We continue to encounter exciting technologies not
only showcased at fairs but also hitting the roads.
In 2024, automotive enthusiasts can look forward to
many dreams turning into reality.”
”Traditional service models are giving way to digital
applications.”
Murat Günay, who stated that Rabam closely monitors
technological developments in the automotive
sector, mentioned: “The rising popularity of electric
vehicles has increased the role of digitization in
vehicle software and hardware. Digital applications
offering personalized service options are becoming
increasingly preferred by car owners. In response to
the evolving expectations and needs of our customers
due to digitization, we are enhancing our services and
working on new collaborations. With the solutions
we have developed, we provide vehicle owners with
greater convenience, benefits, and a more userfriendly
experience during this transformative period.
As traditional service models are replaced by digital
applications and software, vehicle owners now have
the opportunity to access various services from a
single point. We carefully observe the possibilities
offered by digitization. By offering more than 50
services in 7 different areas, including maintenance,
inspection, car wash, damage repair, appraisal, fuel,
and tire replacement, our application meets the needs
of vehicle owners. Our application provides users
with control over every detail related to their vehicles
through a comprehensive database.”
April 2024
33

Türkiye’s automotive industry
records dynamism more than ever
April 2024
The foundation of Türkiye’s automotive industry
dates back to the early 1960s. During a period of
rapid industrialization and progress, this key sector
transformed itself from assembly-based partnerships
to a full-fledged industry with design capability and
massive production capacity. Since 2003, original
equipment manufacturers (OEM) have invested over
USD 17 billion in their operations in Türkiye. These
investments significantly expanded their manufacturing
capabilities, which in turn led Türkiye to become an
important part of the global value chain of international
OEMs. Meeting and exceeding international quality and
safety standards, today’s Turkish automotive industry is
highly efficient and competitive thanks to value-added
production. As part of its commitment to transforming
its automotive industry, which has historically been a
key economic driver in integrating the Turkish economy
with the global value chain, and to its vision of making
Türkiye an economic powerhouse, Türkiye has
introduced its own locally-developed born-electric car
built upon strength stemming from the country’s longstanding
know-how in the area.
Accordingly, Türkiye’s Automobile Joint Venture Group,
known as Togg, will produce five different models
on a joint platform with fully-owned intellectual and
industrial property rights by 2030.
Leveraging a competitive and highly-skilled workforce
combined with a dynamic local market and favorable
geographical location, the vehicle production of 8
global OEMs in Türkiye has increased by almost five
times from 300,000s in 2002 to over 1.3 million units in
2022. This represents a compound annual growth rate
(CAGR) of around 6 percent during that period.
•Significant growth posted by Türkiye’s automotive
sector led to the country’s becoming the 13th largest
automotive manufacturer in the world and 4th largest in
Europe by the end of 2022.
•Türkiye has already become a center of excellence,
particularly with respect to the production of
commercial vehicles. By the end of 2022, Türkiye was
the number one producer of commercial vehicles (CVs)
in Europe.
•Proven as a production hub of excellence, the Turkish
automotive industry is now aiming at improving its
34

April 2024
R&D, design, and branding capabilities. As of 2022,
156 R&D and design centers belonging to automotive
manufacturers and suppliers are operational in Türkiye.
• Notable examples of global brands with product
development, design, and engineering activities in
Türkiye include Ford, Fiat, Daimler, AVL, and FEV. Ford
Otosan’s R&D center is one of Ford’s three largest
global R&D centers, while Fiat’s R&D center in Bursa is
the Italian company’s only center serving the European
market outside its home country. Meanwhile, Daimler’s
R&D center in Istanbul complements the German
company’s truck and bus manufacturing operations
in Türkiye. AVL Türkiye, which opened up its 2nd R&D
center in Türkiye, develops autonomous and hybrid
vehicle technologies.
• Türkiye offers a supportive environment on the
supply chain side. There are around 1,100 component
suppliers supporting the production of OEMs. With the
parts going directly to the production lines of vehicle
manufacturers, the localization rate of OEMs varies
between 50 and 70 percent.
• Türkiye is home to many global suppliers. There are
more than 250 global suppliers that use Türkiye as a
production base, with 30 of them ranking among the
50 largest global suppliers.
•Auto manufacturers increasingly choose Türkiye
as a production base for their export sales. This
is evidenced by the fact that 73 percent of vehicle
production in Türkiye was destined for international
markets in 2022. Türkiye exported more than 950,000
vehicles to international markets in the same year. In
addition, Türkiye has been the number one vehicle
exporter to European markets for around a decade.
36

Auto industry’s production rises 19 percent
The Turkish auto industry produced more than 133,000
vehicles in February, marking a strong 19.2 percent
increase from a year ago, after output declined by 3
percent in the previous month.
Passenger car production rose by 32 percent to 84,000
units, while the year-on-year increase in commercial
vehicle output was limited at 3.6 percent, data from the
Automotive Manufacturers’ Association (OSD) showed.
The local auto market expanded by 31 percent last
month when a total of 111,000 vehicles were sold with
the passenger car sales rising nearly 40 percent to
more than 82,000.
Passenger car imports were up 55 percent compared
to February last year to 56,000.
In the first two months of 2024, the industry
manufactured a total of 241,861 vehicles, pointing to
an 8.1 percent increase from the same period of 2023.
Passenger car output rose 12.3 percent on an annual
basis to 151,000 units.
Oyak Renault was the largest producer of passenger
cars in January-February, according to the numbers
from the association. In the first two months of 2024,
the company manufactured 49,817 passenger cars,
accounting for 33 percent of all car production.
Hyundai Assan ranked second with a 27.6 percent
share or 41,750 passenger cars, followed by Totoya at
23.8 percent or 35,905 cars.
Tofaş produced 23,542 passenger cars in two months,
corresponding to 15.6 percent of all production.
In the January-February period, total vehicle sales
amounted to 193,297 units, rising nearly 40 percent
from a year ago with the passenger car market
expanding by 52 percent to 146,000 units.
Local carmakers shipped more than 89,000 vehicles to
foreign markets in January-February, up 13.6 percent
on an annual basis, while passenger car deliveries rose
20.1 percent to around 56,000.
The industry’s export revenues reached $5.5 billion in
the first two months of 2024, increasing 9.1 percent
from a year ago. Passenger car exports climbed 3
percent year-on-year to $ 1.63 billion.
Meanwhile, a delegation from the Automotive Industry
Exporters’ Association (OİB) recently traveled to
Malaysia and Singapore to hold talks as part of the
Trade Ministry’s “Distant Countries Strategy,” which
aims to expand the Turkish companies’ reach beyond
the traditional export markets.
Some 13 Turkish companies took part in the mission,
which took place between March 3 and 10.
They held talks with auto importers, wholesalers and
distributors in Malaysia and Singapore.
The Turkish automotive sector’s exports to Malaysia
and Singapore were $7.4 million and $6.8 million last
year, respectively, said Baran Çelik, the president of
OİB.
“We are aiming to increase our exports to those
countries. We have the production capacity and quality
products to achieve this goal,” Çelik said.
April 2024
40

Turkish automaker Togg launches
2024 orders for its electric SUV
April 2024
Turkish electric car manufacturer, Togg announced it
was launching the order period for 2024 for its first
smart device model, the C-segment SUV T10X.
The company said that from Jan. 6-10, it provided the
opportunity for configuration updates for users on the
reserve list in the draw held in 2023 and also offered
priority to place an order for users who participated
in the draw in April 2023 but did not qualify for an
order between Jan. 15-19. Togg is now opening order
screens to all potential buyers starting Jan. 20.
“The 2024 general order period for T10X has
started. You can order Türkiye’s first electric smart
device #T10X immediately via our Trumore mobile
application,” read the statement released on Togg’s
official account on X platform, formerly Twitter.
To place an order, users will need to download the
Trumore application, which is available on the App
Store, Google Play and App Gallery.
There will be no draw for T10X this year, and deliveries
will be made based on the order queue, configuration
features and related production planning. Togg will also
be accepting orders from corporate users this year.
Delivering around 20,000 units of T10X so far, the
brand aims to manufacture 1 million vehicles across
the five segments by 2030. The automaker recently
announced the expansion of its lineup as it unveiled its
second model at the sprawling tech and gadget show
CES 2024, held in Las Vegas earlier this month. The
sedan model, which was introduced under the name,
T10F, has fastback lines and is expected to enter the
market in 2025. Besides the SUV and fastback, Togg
will manufacture three other models – a C-hatchback,
B-SUV and B-MPV – by 2030.
42

Tesla to increase prices of its
Model Y in parts of Europe
Tesla said it would hike the price for its Model Y
electric vehicles in several European countries on
March 22 by approximately 2,000 euros ($2,177), or the
equivalent in local currencies.
The move, announced in a post on social media
platform X, followed the automaker’s announcement
that it would increase prices for all Model Y cars in the
U.S. by $1,000 on April 1.
Tesla raised the prices of its Model Y rear-wheel drive
and long-range vehicles by $1,000 to $43,990 and
$48,990, respectively, on March 1.
“This is the essential quandary of manufacturing:
factories need continuous production for efficiency,
but consumer demand is seasonal,” Tesla CEO Elon
Musk said in February, replying to a post on X from
his company announcing that prices would go up the
following month.
Tesla’s margins have been hurt by a price war with
rivals that started more than a year ago.
In January, Tesla warned of “notably lower” sales
growth this year as it focuses on the production of its
next-generation EV, which is code-named “Redwood.”
April 2024
44

Turkish auto industry lifts bar to
new $39B export peak in 2024
Türkiye’s automotive sector is seeking to build on
its peak in 2023 and achieve a new all-time high
in exports this year, according to a senior industry
official. The traditional leader in Türkiye’s outbound
shipment made $35 billion (TL 1,080 billion) worth
of shipments last year, compared to nearly $31
billion in shipments in 2022, according to the Uludağ
Automotive Industry Exporters’ Association (OIB).
That figure is sought to be lifted to $39 billion, said
Baran Çelik, the head of the board of directors of
OIB. The earlier peak was recorded in 2018, at $32
billion, before the coronavirus pandemic lowered the
figure to $25.5 billion in 2020.
“2023 was a year in which we once again broke the
record and reached a significant value of $35 billion
in exports, making us the sector with the highest
exports in Türkiye,” Çelik told Anadolu Agency (AA).
The sector has been the export leader for 17 out of
the last 18 years, except for 2022, he said, before
regaining the leadership in 2023.
Up to 68% of the automotive goods are shipped to
the European Union, Türkiye’s biggest export market,
according to Çelik.
“When you include non-EU countries geographically
within the market, it reaches a market size of over
80%. Of course, the largest market among these
is Germany, followed by other major European
countries,” he said.
“If we look at the top 10 markets we export to, eight of
them are in the European region. In fact, if you include
Russia in the European region, 9 of them are European
countries.” Exports in January saw a 3% increase yearover-year
to $2.8 billion, which Çelik says reinforces
the achievability of the $39 billion goal he says isn’t
“just a standalone target,” but “emerged as a figure
backed by data.”
“Unless there is a significant deviation, a major conflict
or a disaster ... we anticipate that this year we will
close with around $39 billion in exports, maintaining
our position as the export leader,” he added.
April 2024
46

Expanding reach
Çelik reaffirmed Europe’s importance for the industry
but emphasized the aim for diversification and growth
in new markets.
“There are significant export demands in the Gulf
countries and the North Africa region, and we are
conducting special studies for these regions,” the
OIB chair said. He also added a delegation of 23
companies that visited Morocco earlier this month.
Çelik said North America has also been an important
market but said they could not yet achieve the desired
results in South America.
“In recent years, with our Ministry of Trade, we have
determined various strategies for distant geographies
and, in parallel, we organize more than 10 events
covering distant geographies,” he noted.
“We organize national participation fairs, trade
delegations and procurement delegations. We have
product development (PD) activities and we have 18
companies in it. We organize various procurement and
trade delegations with these companies. Our activities
targeting distant countries actually demonstrate our
focus on those markets.”
Çelik also stressed the industry’s determination to
increase engagement with China.
“Despite China being an important competitor and
threat to us, we also see it as a potential market due to
being a major market in many product groups in that
region. In this regard, while maintaining the high rate
of exports to the European region, we are intensely
focused on new markets to be added without incurring
any numerical loss.”
April 2024
48

Turkish exporters break sales
records to 70 countries in 2023
Turkish exporters made shipments to some 240
countries and customs territories throughout last year,
achieving their highest sales in history to 70 of these
nations, the country’s Trade Ministry said.
The nation’s exports reached a third straight annual
peak to a total of $255.8 billion (TL 7.77 trillion) in 2023,
a 0.6% year-over-year increase from $254 billion in
2022, according to official data.
The record came despite multiple challenges, including
global tightening that curbed demand, including in
the EU, Türkiye’s biggest export market, geopolitical
conflicts in the region and devastating earthquakes
that struck the southeastern region earlier in 2023.
Sales totaled $225.4 billion in 2021 after they were hit
by the coronavirus pandemic and dropped to as low as
$169.5 billion in 2020. The government’s medium-term
program (MTP) estimates were set at $255 billion for
2023 and $267 billion for 2024.
At $361.8 billion, imports in 2023 also came below the
program’s estimate of $367 billion.
The sales figure led Türkiye to lift its share in global
exports to 1.06%, up from 1.02% in 2022 and a major
leap from just 0.55% back in 2002, the Trade Ministry
said. Some 38,574 companies engaged in overseas
sales for the first time in 2023, according to the
ministry, taking the total number of exporting firms to
139,830, a 339% increase from some 31,855 some two
decades ago. The Trade Ministry further underscored
the momentum in trade and economic relations with
the Near and Middle Eastern nations.
Export to the region rose by 2.2% to $46.2 billion
last year. Sales Turkic republics reached $10.2 billion,
marking an all-time high with a 26.9% increase.
Shipments to member countries of the Organization
of Islamic Cooperation (OIC) totaled $67.3 billion,
showing a 3.68% increase and a new peak.
The ministry also said that while imports from the EU
countries decreased by 16.1% in January-November
2023, Türkiye’s sales to the bloc jumped by 1.2% in
the whole year, reaching $104.3 billion.
April 2024
50

The manufacturing industry accounted for 94.2% of
the total exports, with an amount of $241 billion, the
statement added. The share of medium-high and hightech
product sales rose to 40.3%.
Notable high-tech exports included aircraft and related
components, pharmaceuticals, immune products,
video recording devices and photovoltaic cells.
In 2023, exports exceeding $1 billion were recorded in
54 products, out of which 39 simultaneously saw their
highest sales ever.
Shipments exceeding $1 billion were made to 49
countries in 2023, the Trade Ministry said. Some 30
cities in Türkiye also achieved sales figures surpassing
$1 billion.
Providing insights into global exports of Turkish
products, the ministry said Türkiye is the world’s top
seller of construction iron, raw/block/semi-processed
marble-travertine, cement, hazelnuts, flour, refined
sunflower oil, dried grapes, dried apricots, dried figs,
shell-less pistachios and bulgur.
The nation is top in Europe in home textiles and
second globally in carpet exports. It ranks fourth
globally in exports of buses, minibusses, electric
ovens, dishwashers and washing machines.
It is the world’s fifth-biggest exporter of refrigerators,
deep freezers and small electric household appliances,
while it ranks seventh in total textile and ready-to-wear
exports and eighth in truck, van and pickup sales.
Exports are among the government’s top priorities,
which seeks to rely on them to ensure sustainable
economic growth.
Türkiye has embraced more conventional policymaking
after the May elections and delivered aggressive
monetary tightening aimed at arresting soaring
inflation, reducing trade deficits, rebuilding foreign
exchange reserves and stabilizing the Turkish lira.
Since June, the country’s central bank has lifted its
one-week repo rate by 3,650 basis points to 45%. The
bank said it completed its aggressive tightening cycle
and said it would maintain current levels “as long as
needed” to bring about the desired disinflation.
Inflation rose to nearly 65% last month and is expected
to peak at 70%-75% in May before dipping to about
36% by the end of 2024 as tightening cools prices.
The Trade Ministry affirmed the commitment to lift
exports further and achieve the government’s goals set
for this year.
“With the effective policies and strategies we are
implementing to elevate our exports to higher levels,
we continue our efforts to achieve the 2024 Middle-
Term Program goal of reaching a $267 billion goods
export volume,” the statement said.
April 2024
52

DEİK to lobby for modernization
of customs union with EU
The Foreign Economic Relations Board (DEİK) will be
lobbying for the modernization of the customs union
between Türkiye and the European Union, says Nail
Olpak, the president of DEİK.
Haberin Devamı
The upcoming elections for EU Parliament pose a risk
as the elections may slow down the process, Olpak
told a group of journalists in Istanbul.
“Steps can be taken in this regard as of the second
half of the year, which of course means some waste of
time. We would like to see the decisions, which Türkiye
has been looking for, taken before the elections and
the customs union is updated as soon as possible,” he
said. The other important issue DEİK keeps an eye on
the relations with the bloc is the EU Green Deal and the
carbon border adjustment mechanism, Olpak added.
“The Green Transition and the Green Economy are on
the agenda now… As the Turkish business world, we
need to prepare for this new era, specifically in Europe,
where Türkiye’s largest export market,” he noted.
“The trade volume between Türkiye and the European
Union is around $200 billion, but the customs union
only covers industry and processed agricultural
products,” DEİK said in a statement, adding that the
customs union needs to be rapidly updated to adapt to
the requirements of today’s trade environment.
DEİK has been reiterating this stance on behalf of the
Turkish business community in meetings it holds with
EU member countries, the board said.
The board recalled that Türkiye’s exports reached an
all-time high of $255.8 billion last year despite the
global challenges.
Türkiye aims for a total export revenue of $375 billion,
including services exports, in 2024, it added.
April 2024
54

Number of EV charging points
in Türkiye exceeds 12,000 mark
April 2024
The number of electric vehicle (EV) charging points
across Türkiye has surpassed 12,000 as of Dec. 25,
according to the data compiled by Anadolu Agency.
The number of EV points reached 12,067 in 5,614
stations according to the data from Türkiye’s Energy
Market Regulatory Authority (EMRA).
The country is now equipped with 8,492 slow charging
(AC) and 3,575 fast charging (DC) points located
throughout the country’s 81 provinces.
Türkiye is also following the global trend of moving
away from vehicles run on gasoline and diesel, which
are considered more polluting to the environment and
is, as a result, reaping the benefits of lower energy
costs.
EVs are set to play an important role in reducing the
countries’ dependence on imported fossil energy
sources in the long term.
Eco-friendly EVs are also touted as fuel-efficient with
low maintenance costs, comfortable and quiet driving
with state-of-the-art technological equipment and are
moving into the arena of autonomous driving.
With a rise in the number of EV charging stations
throughout the country, the demand for these vehicles
is similarly expected to expand.
While the number of EVs and charging stations
is increasing in Türkiye, the EMRA has passed a
regulation to allow these vehicles to be charged in a
more environmentally friendly manner.
Under this regulation, license holders of charging
network operators may designate all or some of the
charging stations in their network as “green charging
stations” if renewables have generated the electricity
used in the charging stations.
According to EMRA data, the majority of electric
charging stations in Türkiye are located in Istanbul,
totaling 1,308. The capital, Ankara, follows with 542
and Antalya with 422.
These three major cities also have the highest number
of sockets, with 3,316 in Istanbul, 1,249 in Ankara and
833 in Antalya.
56

‘Emissions trading system best
tool for carbon pricing in Türkiye’
April 2024
Carbon pricing is spreading across the globe, whether
in rich or poor countries, as one of the most significant
tools to combat climate change as the world is still
far from meeting the 2015 Paris Agreement’s goal of
limiting warming to 1.5 degrees Celsius and emissions
are continuing to rise.
With international debates on the advantages and
disadvantages of carbon pricing gaining heat, Türkiye’s
green transformation and policies to fight global
warming are also taking shape.
An Emissions Trading System (ETS) is the wellsuited
tool for carbon pricing for Türkiye, according
to technical studies, Professor Halil Hasar, Director
of Climate Change Presidency of Türkiye, told in an
exclusive interview.
“Technical studies conducted in the scope of the
Partnership for Market Readiness (PMR) Project
supported by the World Bank show us the emissions
trading system is the most cost-effective carbon
pricing option for Türkiye. Furthermore, an advisory
decision was taken for the development of a National
Emissions Trading System in the Climate Council,
organized in 2022” he elaborated.
Both the 12th Development Plan which reflects the
country’s 2053 net-zero goal, as well as the Medium-
Term Program mirror the strategic dimension of an
ETS, Prof. Hasar said, reminding that in Türkiye’s
Nationally Determined Contributions submitted within
the scope of the Paris Agreement, ETS is among the
main implementation tools for reducing greenhouse
gas emissions in the industry and electricity production
sectors.
Carbon pricing places a fee on carbon emissions and
thus encourages lower pollution. Experts agree that
initially, carbon pricing can affect the economy and
raise energy prices, however, in the long-term, the
benefits outweigh the disadvantages while the revenue
gained from ETS can be used to spend on and invest
in new green projects.
As the World Bank put it, “allows emitters to decide
to either transform their activities and lower their
emissions, or continue emitting and paying for their
emissions.”
Prof. Hasar explained that carbon pricing emerges with
two main forms of implementation, one of which is
ETS, and the other is carbon taxing.
58

“To speak about global carbon pricing instruments,
according to the report published by the World Bank
in May, there are 73 active implementations. Again,
as of 2022, approximately $100 billion of revenue has
been generated from carbon pricing practices. Through
these, 23% of global greenhouse gases were covered
and approximately 40% of the revenues were used for
green transformation purposes,” Prof. Hasar said.
On the EU’s Carbon Border Adjustment Mechanism
(CBAM), which aims to bring in climate tariffs on
imports, and affect Türkiye’s trade with the bloc, Prof.
Hasar said that the adoption of ETS will facilitate
Ankara’s goals toward becoming a green, digitalized
and competitive economy.
The director pointed out that Türkiye has been working
on ETS for around ten years while the project on
Carbon Market Readiness conducted with the World
Bank was finalized in 2021.
“With this project, capacity building was achieved in
many areas such as monitoring emissions, analysis of
policy options, simulation and recording system,” he
underlined.
As a next step, Türkiye has currently also entered the
stage of working on capacity needs in coordination
with the Partnership for Market Implementation (PMI),
which assists countries in designing and implementing
pricing instruments suitable for their development
priorities.
“Outputs such as design elements of the emission
trading system, sub-legislation draft studies, economic
impact modeling and registration system will be
obtained,” Prof. Hasar continued, highlighting that ETS
necessitates working together and negotiating with
several institutions of other fields.
A working group has started work on carbon pricing
and developed a range of suggestions. Furthermore,
the Green Deal Action Plan, led in coordination with the
Trade Ministry also has a unit on carbon pricing.
“Due to our position as a candidate country for
the European Union, a separate project has been
scheduled to ensure the compliance of the national
ETS with EU legislation,” he said further.
April 2024
59

“The planned schedule is to complete the emission
cap determination, which is one of the design elements
of the ETS, and the completion of the allocation plans
of the facilities included in the system, in October
2024, and to begin full implementation with market
transactions at the beginning of 2025.”
Prof. Hasar emphasized that Türkiye’s work on carbon
pricing constitutes an example of the country’s efforts
within the scope of the principle of “common but
differentiated responsibilities,” which summarizes
Ankara’s fair and inclusive approach to combating
climate change.
Being one of the countries that is most vulnerable
to global warming and located in the Mediterranean
basin, Türkiye has also stepped up efforts to
draft a climate law. The draft law prepared by the
Environment, Urbanization and Climate Change
Ministry determines activities to primarily decrease
greenhouse gas emissions as well as policies for
climate change adaptation.
“Considering the importance of activities to be carried
out locally, the draft makes it obligatory to prepare
Local Climate Change Action Plans across Türkiye’s
81 provinces. Moreover, regulations have been made
regarding the ETS, which will be implemented for the
first time in our country. Works based on the principle
of setting an upper limit on greenhouse gas emissions
have been introduced, and it has become mandatory
for businesses to obtain a greenhouse gas emission
permit,” Prof. Hasar pointed out.
“Along with all these regulations, the draft also includes
the determination of green investments, which is one of
the important cornerstones in the fight against climate
change – the legal basis for climate finance, climate
change incentives and national green taxonomy
studies has been established,” he said.
Climate change is an issue that goes beyond politics
and affects every part of society with its environmental,
economic and social impacts. Hence, Türkiye this year
rolled up its sleeves for urgent and efficient measures
to fight climate change. Located in the Mediterranean
basin, one of the most sensitive regions in terms of
climate change impact, the country has witnessed
disasters, air pollution, heat waves, wildfires, droughts
and low precipitation.
From “Water Efficiency Mobilization” early in January,
“International Zero Waste Day” which was observed
for the first time this year toward “Environment Week”
celebrations and lastly, the COP28 climate summit –
Türkiye witnessed a tide of significant environmental
endeavors and achievements in 2023.
April 2024
60

Renault to invest over $430M
to turn Türkiye into export hub
April 2024
French carmaker Renault Group said it plans to reduce
its production costs by increasing the use of digital and
artificial intelligence technology, and announced plans
to expand its presence in Türkiye.
The company will be investing 400 million euros
($430.92 million) by 2027 to make four new models at
its site in the Turkish northwestern Bursa province in
collaboration with Türkiye’s OYAK Group, including a
new low-cost SUV Duster.
As part of its “International Game Plan 2027,” Renault
said it aims to transform Türkiye into an export hub for
Europe and other countries in the world.
It said it aims to cut the production costs of its cars by
as much as 50% in the next four years by increasing
the use of digital and artificial intelligence technology.
Between now and 2027, the company will aim to cut
its production costs per vehicle by 30% for internal
combustion vehicles and by 50% for electric vehicles.
The carmaker also wants to reduce vehicle
development times to two years from three years, it
said in a statement.
Renault already uses more than 300 AI applications to
trace car parts such as tires and boost quality control
and aims to increase that number to 3,000 by 2025.
Three of the new models to be manufactured at the
Bursa plant will be designed to meet the needs of
customers in the B and C SUV segments, said the
company. One of the highlighted models is the new
Renault Duster, which is set to be available in Türkiye
with a hybrid engine option in the second half of 2024.
Renault aims for one-third of its sales in Türkiye to
be electric or hybrid by 2027, according to Fabrice
Cambolive, the CEO of Renault.
“We will make our Bursa factory the export center not
only for Europe but also for other countries worldwide,”
Cambolive told a meeting with the press in Istanbul.
Renault’s longstanding alliance partners Nissan and
Mitsubishi confirmed plans to invest in the French
carmaker’s electric vehicle unit Ampere and use it to
develop EVs for the European market.
Cambolive emphasized the longstanding partnership
between Renault and OYAK in Türkiye, spanning 54
years. The two companies produced more than 7.5
million cars and reached a level where every out of
seven vehicles in Türkiye features Renault logo, he
noted.
“Türkiye plays a significant role in our ‘International
Game Plan 2027.’ Our goal is to become the market
leader in Türkiye, strengthen our brand with new
products, show a strong presence, especially in the
SUV segment and implement an electrification strategy
based on hybrid and electric vehicles,” the CEO said.
Jan Ptacek, the CEO of Renault Group Türkiye,
highlighted the importance of local production for
market leadership.
“Today, I am pleased to announce that we plan to
localize four new Renault models before 2027 at our
OYAK Renault Factory in Bursa. Among these new
vehicles, three will be SUVs, including the Renault
Duster,” said Ptacek.
“By offering a product range that meets customer
needs in the B and C SUV segments in Türkiye,
Renault will further strengthen its leadership position.”
Ptacek underlined the significance of Türkiye as a
key industrial asset within the Renault Group, with
the Bursa factory boasting the largest passenger car
production capacity in the country.
He said the implementation of Renault Group’s new
modular platform in the Bursa factory by 2026 will
further enhance efficiency, offering a flexible and
highly efficient platform supporting various powertrain
technologies.
62

Foreign trade with lira up nearly 40 pct
April 2024
Türkiye’s foreign trade in the Turkish Lira increased by
39.4 percent in January-February 2024 from the same
period of last year to reach 207.7 billion liras ($6.6
billion).
Exports in the local currency surpassed 56 billion liras
in the first two months of 2024, rising 43 percent from
a year ago, while imports in lira climbed 38 percent
year-on-year to 15.16 billion liras, according to the data
from Trade Ministry.
In February alone, exports in the local current
amounted to 25.1 billion liras, up from 21 billion liras
in the same month of 2023. Imports in liras increased
from 61.45 billion liras to 70.47 billion liras.
In the first month of 2024, exports and imports in lira
were 31 billion liras and 81.2 billion liras, respectively.
In 2023, total foreign trade in the local current
amounted to 1.2 trillion liras. Exports in lira were 313
billion, while imports in the local currency amounted to
901 billion liras.
The preliminary numbers from the ministry showed last
week that Türkiye’s exports rose by 8.5 percent yearon-year
in the first two months of 2024 to $41.1 billion.
Imports were down 15.5 percent to $54.3 billion.
The country’s foreign trade deficit shrank 50 percent to
$13.2 billion.
In February, the annual increase in exports was 13.6
percent to $21.09 billion. Imports declined by 8.5
percent compared to February last year to $28.1
billion. Consequently, the foreign trade deficit fell more
than 42 percent year-on-year to $7 billion.
66

Türkiye ‘received $262 billion
in investments in 21 years’
April 2024
Türkiye is a country that has attracted 262 billion dollars
in investments since 2003, Burak Dağlıoğlu, president of
the Presidential Investment Board, has said. Speaking at
the 43rd Ordinary General Assembly of the International
Investors Association (YASED), Dağlıoğlu said that
there were less than 6,000 international companies in
the country 21 years ago, but now there are more than
80,000.
“Since 2003, under the leadership of our president,
we see the story of Türkiye’s breakthrough in many
fields,” he said, adding that the country was a middle
low-income country in 2003 with a per capita national
income of $3,000.
“Now it is a middle high-income country with a per
capita national income of $13,000,” he said.
“Again, if we look at it, while Türkiye was a country with
a share of less than 0.5 percent in world trade at that
time, it has now increased its global exports share to
over 1.1 percent.”
Dağlıoğlu noted that Türkiye has attracted $262 billion in
investments since 2003.
“According to data from the Industry Ministry and Trade
Ministry, foreign companies account for 8.4 percent of
employment and private sector employment in Türkiye,”
he said.
“Companies with international capital also account for
30 percent of private sector R&D expenditures in the
country. Sixty percent of exports consist of high and
medium-high products. In this context, we see that
YASED members positively improve the investment
environment in Türkiye in a way that increases value
added, and that they attract Turkish companies to
international supply chains, enabling them to move up
the value chain.” Dağlıoğlu emphasized that Türkiye
aims to soon be among the high-income countries by
exceeding $15,000 per capita national income.
“Our share of international direct investment in the world
is currently around 1 percent. We want to increase it to
1.5 percent,” he added.
Speaking at the same event, Humberto Lopez, World
Bank country director for Türkiye, said that electricity
production and carbon reduction are very important and
that there is very good news in the case of Türkiye in
this regard. Lopez stated that Türkiye is currently using
55 percent renewable energy.
“This is a very good thing. There is a very good picture
not only among developing countries, but all over the
world,” he said.
“At the same time, some effort is needed on the
production side. Because the private sector has to
make an effort. They have to adapt to this new situation.
Otherwise, you cannot be competitive, and you have to
be competitive so that this adaptation can take place.”
Engin Aksoy, president of YASED, stated that
international investors contribute to the sustainable
development of Türkiye by investing in all sectors of
the economy, supporting production, exports and
employment.
“Continuing the fight against inflation within the
framework of a rational policy with the planned
roadmap and eliminating the uncertainties in the pricing
mechanisms as planned are also of great importance in
restoring confidence in our country,” he said.
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