November 4, 2019 / 8:26 AM / 3 months ago

Turkish auto sales more than double in October -association

ISTANBUL, Nov 4 (Reuters) - Sales of passenger cars and light commercial vehicles in Turkey surged 127.5% year-on-year in October, the Automotive Distributors Association said on Monday, after a sharp fall in the same period a year earlier.

Sales plummeted 76.5% in October last year, in the wake of a currency crisis that hit economic activity and drove the economy into a recession. Some banks in September lowered interest rates on loans for domestically produced cars.

In the January-October period, sales fell 31.9%, the association also said. It revised its sales forecast for this year to 450,000-500,000 vehicles from a previous forecast of 340,000-380,000. (Reporting by Can Sezer; Writing by Ali Kucukgocmen; Editing by Daren Butler)

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