Turkey's Motor Vehicle Output Continues Double-Digit Decline
(Bloomberg) -- Turkey’s motor vehicle production in January-April fell 13% from a year ago to 489,429 units, the Automotive Manufacturers Association said in a statement.
Car output fell 14% to 322,281 units in the first four months of the year. Total motor vehicle production has fallen by double digits every month on a cumulative basis in 2019, signaling that the auto industry has not yet recovered from recession.
Total vehicle exports dropped 8% to 426,026 units and car exports fell 14% to a value of $3.9 billion, as a decline in the lira failed to translate into a competitive advantage for Turkey’s auto industry. The lira is the worst performer in the second quarter among emerging-market currencies, falling 6.9% against the dollar.
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