Limited 0.6% fall in sales momentum in June
June Light Vehicle (LV)
sales came in at 74096 units according to Automotive Distributors’ Association (ODD) figures,
slightly higher than the street estimate of 70,000 units. June figure
corresponds to a y/y increase of 4.3% and a m/m fall of 9%. June auto
sales, when seasonally adjusted, corresponds to a fall of only 0.6% compared
to the previous month. Looking into the segments; passenger car (PC)
segment registered a 14.6% y/y growth while Light Commercial Vehicle (LCV)
sales registered a 21.8% fall. LCV sales have been weak year-to-date due
to slow economic growth, tax hikes and stricter regulations for these type of
vehicles; which is negative news for LCV producers Ford Otosan and Tofas. On a
cumulative basis, LV sales are up 12.1% y/y in 1H13, with PCs registering 19.5%
growth and LCVs registering 6.8% fall.
BIST-listed players lost market share in June
Ford Otosan, Tofas and
Dogus Otomotiv lost market share to the other players in June. Tofas’ LV market
share fell by 148bps to 12.7% with losses both in the PC and LCV segment. Ford
Otosan’s market share fell by 102bps to 12.6% with 174bps market share
loss in the PC segment. On the other hand, Ford Otosan increased its LCV market
share by 301bps in June possibly fuelling campaigns in the month. With market
share losses in the PC segment, Dogus Otomotiv’s LV market share retreated by
39bps to 16.7%.