Turkey car sales surge 96 percent in February

Sales of cars and light commercial vehicles (LCVs) jumped on an annual basis in February as an economic recovery gathered pace and interest rates spiralled downwards.

Car sales surged by an annual 96 percent to 37,727 units in the month, the Automotive Distributors Association (ODD) said in a statement on Tuesday. Sales of light commercial vehicles climbed by 66 percent to 9,395 units, the association reported.

Turkey’s automobile market is expanding at lightning pace after a government-led campaign to lower the cost of car loans and eradicate the lingering impact on the industry of a currency crisis in 2018. The central bank has supported the initiative, slashing interest rates to 10.75 percent from 24 percent in July.

Sales of cars and LCVs rose a combined 89 percent to 47,122 units in February. They increased by an annual 90 percent to 74,395 units in the first two months of the year.