Turkey 's auto industry seeks new markets to curb Europe sales decline
The Turkish automotive industry, which accounts for about 80% of its exports to Europe, is now looking to alternative markets as sales to the region have started to decline and are expected to decline further. The semiconductor crisis and supply problems continue to weigh on the automotive industry. In the first six months of the year, global production lost his 2.6 million units. Global car sales in 2022 fell from 89.3 million to 84.3 million. Sales in Europe show a particularly downward trend as rising inflation causes European consumers to shift demand for cars. Turkish car sales in key markets Germany, UK, France, Italy and Spain fell by 11% to 20%. Turkish car exports totaled nearly $4.6 billion from January to June period as the country sold vehicles to 97 countries. France, Turkey's second main market in the automotive sector, topped the list of countries in the country's car exports. In the first half of the year, exports to France decreased by 30% to $659 million compared to the same period last year. The second country in Turkey's passenger car exports was the United Kingdom.
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