TURKISH AUTOS - Weak sales persist in August
Light vehicle sales shrunk by 24% y-y to 26k in August, bringing YTD contraction to 46% in 8M19. We were expecting weak figures in August due to the weak consumer sentiment, production halts in factories and the annual holiday season. We note that the market share of imported vehicles increased by 723bp m-m to 61.9% in August. We attribute the lower market share of local producers to annual leave at the production facilities.
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