The sale of commercial vehicles in Turkey are down significantly year over year so far in 2019, due in part by an expiration of tax incentives.
Commercial vehicle sales took a big hit from January to July, according to data from Otomotiv Sanayii Dernegi. Sales were down 53.9%, year over year, with 47,467 vehicles sold versus 102,863 during the same time frame last year.
Turkey’s July vehicles sales dropped dramatically after tax cuts expired. The Special Consumption Tax, applied to cars with engine sizes that account for nearly 60% of the market, was reduced by 15 percentage points and the valued-added tax on commercial vehicles was cut from 18% to 1%, according to Bloomberg. The incentives expired in June.
The leading automakers for the sale of passenger cars and light commercial vehicles so far in 2019 was Fiat with 33,219 vehicles sold and holding 15.6% share of the market. Renault followed closely behind with 32,058 assets sold and held 15% share of the market.