Türkiye's passenger car market shrinks 4.1% in 1st quarter

Türkiye's passenger car market shrinks 4.1% in 1st quarter

Türkiye’s passenger car sales dropped 4.1% year-on-year with 223,793 units sold in the first quarter of 2024, according to industry data released on Thursday. Overall, the country’s auto market – including passenger cars and light commercial vehicles –saw a 6.5% decline, totaling 276,284 units in January-March, data from the Automotive Distributors’ and Mobility Association (ODMD) showed. Light commercial vehicle sales took a sharper hit, plummeting 15.5% to 52,491 units over the first three months. Electric and hybrid cars, however, defied the downward trend. Hybrid vehicles made up 28.5% of total car sales, nearly doubling from last year to 63,884 units. Electric vehicle sales also soared, surging 78.8% at an annualized pace to 29,594 units, now accounting for 13.2% of the total market. Meanwhile, traditional internal combustion engine vehicles faced steep declines. Petrol car registrations dropped 29%, while diesel vehicle sales tumbled 26.8%. In March, the car market grew slightly year-on-year, 5.5%, to 91,828 units, while light commercial vehicle sales saw a 10.2% rise, reaching 25,072 units.