(-) May Light Vehicle sales According to ODD, Light Vehicle sales in Turkey came in at 72,755 units in May, indicating a YoY fall of 14.8%. The seasonally-adjusted annual sales came in at 779k units, indicating a fall of 7% compared to the previous month which was also weak. Looking into the segments; PC sales recorded a 13% and LCV sales recorded a 21% fall YoY. Ford Otosan (+1.4pp) and Tofas (+70bps) gained market share in May while Dogus Otomotiv lost 90 bps market share in the month. In 5M18, Ford Otosan lost 1.1pp market share and Dogus Otomotiv gained 20bps market share. Light vehicle sales fell by 4.8% in 5M18 compared to the same period of last year. We forecast LV market at 896k units in full year 2018, implying a YoY fall of 6%. Although the sales are progressing weak as we forecasted, any further weakness following potential price increases on TL depreciation, election period and rising interest rates may an additional downside risk to our estimate.
Mayıs ayı hafif araç satışları. Otomotiv Distribütörleri Derneği’nin açıkladığı verilere göre, Mayıs ayında Türkiye’de hafif araç satışları %14.8 düşüşle 72,755 adete geriledi. Mevsimsellikten arındırdığımız veri de ay bazında %7 düşüşe işaret etmekte. Bu ay içerisinde Ford Otosan 1.4 puan, Tofas ise 0.70 puan Pazar payı kazanırken, Dogus Otomotiv ise 0.90 puan Pazar payı kaybetti.
