(=) Automotive: December light vehicle sales / Neutral According to ODD, Light Vehicle sales in Turkey came in at 77,706 units in December, indicating a of 43%. The seasonally-adjusted annual sales (our own calculation) came in at 557k units, marking a fall of 11% compared to the previous month which was also very weak. The weak sales continued in the last month of the year despite tax incentives due to elevated prices of cars in addition to the falling consumer and business confidence amid economic volatility. On a cumulative basis, LV sales reached 620,937 vehicles in FY18 with a 35% over the previous year. We forecast another 35% fall in sales in 2019F to 400k units due to weakness in demand amid higher prices and economic volatility while newly-extended tax incentives and new amendment which enables leasing of LCVs may prove some upside potential to our forecast.
(=) Otomotiv: ODD Aralık ayı verileri açıklandı. ODD verilerine göre Aralık ayında Türkiye’de geçen yıla göre %43 düşüşle 77,706 adet araç satıldı. Araç satışlarındaki zayıflık vergi teşviklerine rağmen Aralık ayında da yüksek araç fiyatları ve ekonomideki volatilite sebebiyle devam etti. Kümülatif bazda ise araç satışları 2018 yılının toplamında 620,937’ye ulaşırken, 2017 yılının %35 altında kaldı.
