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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GlobalData Plc    DATA   GB00B87ZTG26

GLOBALDATA PLC

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GlobalData : July auto sales in Turkey impressive but sustainability remains a question, says GlobalData

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08/07/2020 | 06:09pm EDT
07 Aug 2020
July auto sales in Turkey impressive but sustainability remains a question, says GlobalData
Posted in Automotive

Following the news that automotive sales in Turkey grew by 387.5% year-on-year in July 2020, according to Automotive Distributors Association

Animesh Kumar, Director of Automotive Consulting at GlobalData, a leading research and consulting company, offers his view:

'The surge in sales is impressive but not unbelievable in light of Turkey's effective response to the COVID-19 crisis. While economic impact was inevitable, the Turkish Government and the Central Bank of the Republic of Turkey (CBRT)'s timely and effective actions such as the 21-point stimulus package, reduced interest rates and the deferral of social security premiums helped the country overcome challenges.

'The low interest rates and attractive packages helped automotive customers overcome the concerns regarding economic uncertainty. Attractive, low-interest vehicle loans for two-wheelers, as well as new and used passenger vehicles has significantly driven customer's interest towards personal mobility.

'Another key factor that contributed to the surge in automotive sales since June is easing of country-wide movement restrictions. June and July witnessed significant pent-up demand from March, April and May, when the country was majorly under lockdown to contain the virus. 'It is questionable as to whether the spike in sales is sustainable. It depends on, firstly, whether there is a significant demand of vehicles left in the domestic market. In order to leverage the attractive packages, customers may have pulled forward their purchases and the demand for vehicles for 2020 may have been largely exhausted. The second point is whether the local manufacturers that were more focused on exports can respond to the domestic demand to maintain adequate supply.'

Want to find out more? Sent your questions to Rebecca Panks, PR Executive at GlobalData (pr@globaldata.com)

Disclaimer

GlobalData plc published this content on 07 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 22:08:07 UTC

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Sales 2020 180 M 230 M 230 M
Net income 2020 23,0 M 29,5 M 29,5 M
Net Debt 2020 41,0 M 52,6 M 52,6 M
P/E ratio 2020 80,6x
Yield 2020 1,12%
Capitalization 1 711 M 2 188 M 2 193 M
EV / Sales 2020 9,75x
EV / Sales 2021 9,00x
Nbr of Employees 3 355
Free-Float 26,4%
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