World Bulletin / News Desk
“In February 2017, EU demand for passenger cars increased only modestly, 2.2 percent, especially when compared to January’s double-digit figures," ACEA said in the report.
Overall passenger cars registration in February totaled 1,078,503 units, it said.
Despite the weak performance in February compared to the previous month’s 10.2 percent increase, the association noted that the new reading was close to February 2008 levels just before the economic crisis hit the automotive industry.
Among the major markets, France, Germany and U.K. all saw declines from a year earlier partially due to February having one working day less, the report said, adding the performance of 12 member states, who joined the bloc after 2004, drove the sales higher, showing a 15.9 percent hike in the month from a year earlier.
The EU is the largest export market for the Turkish automobile industry, which is vital for the Turkish economy as Turkey is home to several joint venture car companies such as Oyak Renault, Tofas-Fiat Chrysler, and Ford Otosan.
The Automotive Industry Association (OSD) of Turkey announced Monday that the auto exports in the first two months of the year surged 31 percent in numbers from a year earlier, and 60 percent in cars alone.
Total exports in January and February totaled $4.33 billion, up 21 percent compared to the same period last year, the OSD report said, adding passenger car sales jumped 92 percent, hitting $1.84 billion.
Exchange rate dipped to as low as 3.56 points for first time in 8 weeks
Sales progressed 7.0 percent to 13 billion euros ($14.2 billion), the aeronautics giant said. For 2017, it forecast the delivery of more than 700 commercial aircraft, up from 688 in 2016.
Late liquidity lending rate increases to 12.25 percent; overnight borrowing and lending rates unchanged
Nasdaq climbs above 6,000 points for first time in history
BIST 100 index hits new record high on Wednesday morning; US dollar/Turkish lira rate stands around 3.58
BIST 100 index starts Tuesday with a new record high; US dollar/Turkish lira rate stands at around 3.57
Borsa Istanbul's BIST 100 index exceeds 93,400 points during Monday transactions
The French vote was being closely watched as a bellwether for populist sentiment following the election of Donald Trump as US president and Britain's vote to leave the EU.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."
BIST 100 index opens 0.67 percent higher, US dollar/Turkish lira rate stands at around 3.64
Tightening monetary policies will continue to achieve lower inflation levels, Murat Cetinkaya says
Company will manage operations in 65 countries through Turkey, says head of healthcare group
"We might have to extend in order to reach the target... of stock levels," Khalid al-Falih told an energy forum in Abu Dhabi, referring to a deal between OPEC and non-OPEC producers to cut production by around 1.8 million barrels per day.
BIST 100 index opens 0.40 percent higher; US dollar/Turkish lira rate stands at around 3.66
Crude prices plummet to two-and-a-half month low