European Automotive Market Expands in February
İKTİSAT GROUP – The European automotive market grew 4.1 percent year-on-year in February, Turkey’s Automotive Distributers’ Association said on Friday.
The number of vehicles sold in the EU 28 and European Free Trade Association (EFTA) countries reached 1.34 million in the month, up from 1.29 million in February 2017, according to a statement from the association, citing statistics of the European Automobile Manufacturers’ Association.
The association said Croatia posted the highest yearly increase in February — 39.8 percent — followed by Bulgaria with 32.6 percent and Greece with 28.8 percent.
In February, Turkey become Europe’s seventh-biggest automotive market, with 48,141 vehicles sold, up by 0.52 percent year-a-year.
The EU is the main automotive export market for Turkey, where prominent international automakers — including Fiat, Ford, Honda, Hyundai, Renault, and Toyota — have manufacturing operations.
Last year, nearly 80 percent of Turkey’s total automotive exports went to EU countries, totaling $22 billion, an annual rise of 17 percent.