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Turkish auto sector will be slow to electrify

Wednesday, December 22, 2021

Significance

The Silk Road (SiRo) factory is a joint venture between Turkiye Automotive Enterprise Group (TOGG) and China’s Farasis Energy. According to President Recep Tayyip Erdogan, Turkey is on the way to becoming a global centre for EV production.

Impacts

  • Rapid lira depreciation will cause domestic vehicle sales to fall sharply, especially for mid- and upper-range passenger cars.
  • The weak lira will make exports cheaper, boosting sales.
  • Moving into the EV market is essential if Turkey is to retain position in the global auto industry.

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