{"id":1353,"date":"2020-02-13T19:46:12","date_gmt":"2020-02-13T16:46:12","guid":{"rendered":"https:\/\/www.bazaartimes.co\/?p=1353"},"modified":"2020-02-13T19:46:15","modified_gmt":"2020-02-13T16:46:15","slug":"turkish-automotive-sector-to-recover-in-2020-report","status":"publish","type":"post","link":"https:\/\/bazaartimes.com\/turkish-automotive-sector-to-recover-in-2020-report\/","title":{"rendered":"Turkish automotive sector to recover in 2020: Report"},"content":{"rendered":"\n

Automotive sales, production in Turkey to recover in 2020, consultancy firm’s report shows<\/em><\/strong><\/p>\n\n\n\n

2020 will be a year of recovery for Turkey’s automotive production and exports, according to a report by audit and consultancy firm KPMG Turkey, released on Wednesday.<\/p>\n\n\n\n

The firm’s report said that the first Turkish indigenous car, introduced last December, and Volkswagen’s investment plans in the country may increase industrial investments in Turkey.<\/p>\n\n\n\n

Volkswagen, which already has an established production firm in Turkey, is expected to make the decision for its factory investment in 2020, the report noted.<\/p>\n\n\n\n

The automotive sector, one of the country’s locomotives, had difficulties in 2019. While 1 million auto sales had been made in the domestic market in 2017, these decreased by 35% in 2018 and by 23% in 2019 to 492,000 units.<\/p>\n\n\n\n

The country’s automotive production and exports also narrowed by 9% and 5%, respectively, in 2019, versus the previous year. Turkey’s automotive exports were $31.2 billion last year.<\/p>\n\n\n\n

The sector employs around 500,000 people.<\/p>\n\n\n\n

According to the report, the country will see 580,000 auto sales in 2020, with an annual increase of 18%.<\/p>\n\n\n\n

The report also forecasted that the country will produce over 1.4 million vehicles and export more than 1.2 million of them this year.<\/p>\n\n\n\n

Meanwhile, it predicted a slowdown in the global market, including in the U.S. and China.<\/p>\n\n\n\n

The report said the destructive effects of technology would continue saying: “The automobile is becoming a technologic and smart vehicle rather than a four-wheeled transportation vehicle.”<\/p>\n\n\n\n

The coming decade will see more impactful changes than the past 50 years, it added.<\/p>\n\n\n\n

While the share of new business fields was $0.1 trillion in the $5.5-trillion automotive sector in 2015, this will reach $4.3 trillion in a $7.7-trillion sector by 2030.<\/p>\n\n\n\n

The income of the taxi and fuel sectors will drop by 38% in the same period, the report added.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Automotive sales, production in Turkey to recover in 2020, consultancy firm’s report shows 2020 will be a year of recovery for Turkey’s automotive production and exports, according to a report …<\/p>\n","protected":false},"author":2,"featured_media":1354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":"","_jetpack_memberships_contains_paid_content":false},"categories":[1],"tags":[244,311,389,946,126],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/bazaartimes.com\/wp-content\/uploads\/2020\/02\/Cars-1.jpg?fit=684%2C405&ssl=1","_links":{"self":[{"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/posts\/1353"}],"collection":[{"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/comments?post=1353"}],"version-history":[{"count":1,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/posts\/1353\/revisions"}],"predecessor-version":[{"id":1355,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/posts\/1353\/revisions\/1355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/media\/1354"}],"wp:attachment":[{"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/media?parent=1353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/categories?post=1353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bazaartimes.com\/wp-json\/wp\/v2\/tags?post=1353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}