Vehicle sales in Turkey fell 8 percent in January to 32,670 vehicles from the previous high of 35,523 units in January 2013 according to national industry group Otomotiv Distribütörleri Derneği and Automotive News.
Sales for the outgoing year rose 10 percent to 856,378 units from 777,761 in 2012.
ODD predicts sales of 800,000 to 860,000 units moved from the showroom to the road in 2014, but warns a tax hike on passenger vehicles and banking regulations meant to curb the growth of Turkey’s current account deficit would put a dent on the forecast.
Turkey’s market could be in for more losses as a wave of bearishness on the health of emerging markets has become the predominant model of thinking among financial observers. Turkey in particular was expected to be a bright spot in the automotive world once the BRIC markets had matured.