Tesla's Electric Vehicle Sales Soar in Turkey

Strategic Insights -

Tesla's sales of electric vehicles (EVs) surged in Turkey in August, placing the company in the No. 2 spot ahead of traditional European and Japanese rivals. The US brand's success can be attributed to Turkish buyers seeking tax breaks and a currency hedge. The data from distributors association ODMD and industry consultancy EBS Danismanlik showed that Tesla sold 8,730 Model Y's, accounting for 50% of all electric vehicles sold in August. Turkish buyers increasingly prefer EVs due to lower tax rates, and Tesla's base Model Y is taxed at the county's lowest bracket, making it an attractive option. The company's sales for the January-August period jumped more than fourfold to around 26,000 units, driven in part by erratic allocations from Tesla's German manufacturing plant.

Key Takeaways:

  • Tesla's August sales in Turkey reached 8,730 units, up 86% from the previous month, making it the No. 2 spot ahead of traditional European and Japanese rivals.
  • The company's EV sales in Turkey trailed only Renault and surpassed local best sellers Fiat, Volkswagen, Toyota, and Hyundai.
  • Turkish buyers seek tax breaks and a currency hedge, driving demand for Tesla's electric vehicles.
  • Tesla's base Model Y is taxed at the county's lowest bracket, making it an attractive option for Turkish buyers.
  • EV market share has held at 20% for the last three months, up from 8% last year.
  • Turkish buyers increasingly prefer EVs due to lower tax rates, with 42% of electric vehicle sales in Turkey attributed to TOGG, the second-best selling EV.
  • Turkey's light vehicle market, including cars and commercial vans, was up 5% at 1.3 million units in 12-month cumulative terms in August.

Statistics:

  • 8,730 Model Y's were sold in August, a 86% increase from the previous month (Source: ODMD).
  • Tesla accounted for 50% of all electric vehicles sold in August (Source: EBS Danismanlik).
  • BYD trailed Tesla with 1,639 units in August (Source: EBS Danismanlik).
  • TOGG sold 1,249 units in August, up 42% year-on-year (Source: EBS Danismanlik).
  • The EV market share has held at 20% for the last three months (Source: Untitled).
  • Turkey's light vehicle market was up 5% at 1.3 million units in 12-month cumulative terms in August (Source: Untitled).

Sources:

  • ODMD (Distributors Association)
  • EBS Danismanlik (Industry Consultancy)
  • Cyprus Mail (2022)