An Abundant Increase in the Automotive Industry is Recorded in November
By November, the sales percentage of passenger can and light commercial vehicles had outnumbered by 36.7% from last year.
According to the Automotive Distributors and Mobility Association (ODMD), there’s a rise in sales of 47,000 vehicles from October. There’s a yearly increment of 36.7 per cent, and it has exceeded 59,000. Over 23,000 commercial light vehicles were sold in the local area last month. The sales have increased by 23% from last November.
The automotive sales earned 668,000 units. And the passenger car sales earned a profit of 506,000. However, where automotive sales have declined 1 per cent, passenger car sales plunged 2.4 per cent in the last months of 2022.
The Statistical Sales Of Automotive Vehicles
The biggest blow to the industry was from light commercial vehicles. Its sales have increased to 3.4%, and over 162,000 cars were sold from January to December of this year.
The competitive Sales ratio of the vehicles this year Turkiye alone sold 1,75 vehicles. This was 2.2 per cent of all vehicles sold. Not only this, but electric vehicles, whose sales were 6,214 units at the start of the year, grew to 198 per cent in November 2022.
This is 152 per cent greater than the sales last year. According to an ODMD report, Hybrid vehicle sales also grew by 14 per cent from January to November 2022. Around 51,500 units were sold this year.
A Storm of Taxes On The Automotive Industry
Last month a special consumption tax was issued on the vehicle price threshold. This was a massive blow to the market. And several vehicle models lost their original market price. The new prices hit the roof by their sudden landing in the automotive market.
The lower SCT limit for small engine vehicles under 1600cc was increased from 12000 liras to 184,000 liras. In contrast, the larger engine vehicle’s SCT has jumped from 200,000 to 280,000 liras.
Electrical Cars Under the Action of New Laws
However, the storm has also blown away electric cars. The SCT brackets for electric cars have also been boosted.
The SCT price of vehicles with engines under 1800cc has increased from 130,000 liras to 228,000 liras. At the same time, the biggest lift was seen in upper-limit electric cars.
The price has increased from 170,000 liras to 350,000 liras. Mention 1000 liras equals 53.65 dollars.
High Pricing is Not Pain But Gain
However, the experts have ensured that the new pricing is for the public benefit. Prices of some vehicles can also be decreased to 77,000 liras at most.
Around 45% of the Tax rate is imposed on vehicles with engines of 1600cc or smaller. Their prices are under 184,000 liras. Remember, the price rate of 50 per cent is for vehicles between 184,001 liras to 220,000 liras.
But the vehicles with a price over 250,000 liras have to face a price rate of 60 per cent. The vehicles costing 280,000 liras are available with a tax rate of 70 per cent, while the other vehicles have to pay an 80 per cent tax charge.
Advantageous Reasons Behind High-Priced Vehicles
The new tax imposition is due to increasing consumer demand for the automotive industry. Hence, increased interest rates and economic concerns resulted in the high prices of vehicles. The revolution has especially benefited the U.S. and Korean vehicle markets with respect to their products that have the highest tax units.
Moreover, this has also boosted the business of other small automotive companies and made small vehicle purchases more accessible for people. This reduces the increasing pollution and massive use of automotive vehicles. According to market research, around 3.3 million vehicles were sold in the third quarter. Therefore, increasing taxes was necessary.