PRODUCTION

The 263,747 vehicles that Tofaş produced in 2022 corresponded to 19.5% of the Turkish automotive industry’s total output.

SALES

Total retail sales of cars and LCVs in Turkey were up by 6.2% in 2022 and numbered 783,283 units sold. Car sales (592,660) increased by 5.5% as compared with 2021 while LCV sales (190,623) grew a somewhat more robust 8.6%. Tofaş’s combined sales to the retail market were up by 20.3% and amounted to 148,797 units as of year-end. Turning now to Turkey’s automotive exports, Tofaş registered an 8.0% year-on increase in its export sales, shipping 181,485 units abroad as of year-end. This performance corresponds to a 12.3% share of the country’s automotive exports on the measure of numbers of units sold.

PRODUCTION (UNITS)	2018	2019	2020	2021	2022
Egea	147,859	146,103	151,736	116,679	134,844
Doblò	104,198	76,529	68,798	77,520	85,021
MCV	49,693	41,565	30,096	34,345	43,882
Total	301,750	264,197	250,630	228,544	263,747

 

PRODUCTION (UNITS)	2018		2019	2020		2021	2022		CHANGE
Egea	147,859	146,103	151,736	116,679	134,844	%	2021	2022	%
Doblò	104,198	76,529	68,798	77,520	85,021	-14.1	120,480	139,831	16.1
MCV	49,693	41,565	30,096	34,345	43,882	23.1	114,306	130,440	14.1
Total	301,750	264,197	250,630	228,544	263,747	8.0	234,786	270,271	15.1

On a unit basis, Tofaş’s total sales were up by 15.2% year-on and amounted to 270,271 vehicles sold.

SALES (UNITS)	2021	2022	CHANGE (UNITS)
Domestic Sales	122,309	148,786	26,477
Manufactured	115,982	142,338	26,356
Egea Sedan	49,183	68,668	19,485
Egea HB	21,677	27,988	6,311
Doblò	28,865	24,321	-4,544
Fiorino	16,257	21,361	5,104
Imported	6,327	6,448	121
Ducato	2,243	2,383	140
Fiat 500	635	165	-470
Jeep®	2,906	2,346	-560
Ulysse	0	2	2
Scudo	0	232	232
Alfa Romeo	172	880	708
Panda	235	84	-151
Maserati	101	312	211
Ferrari	35	44	9
Exports	112,477	121,485	9,008
Tipo	16,278	7,890	-8,388
Tipo HB and SW	29,246	30,452	1,206
Doblò	37,697	32,806	-4,891
Ram Doblo	11,064	27,755	16,691
Fiorino	18,180	22,574	4,394
Others	12	8	-4
Total	234,786	270,271	35,485

Tofaş’s total sales were up by 121% in 2022 and amounted to TL 65,545 million in value.

The principal factors nourishing demand for vehicles last year were (1) resolution of pent-up demand which had resulted from reduced vehicle availability attributable to shrinking markets, (2) supply-chain disruptions in 2018-2019, and (3) continued strong growth in online sales. Domestic LCV sales were also powered by low TCMB policy rates in a high-inflation environment in which consumers had recourse to tangible fixed assets such as houses and cars in an effort to preserve the value of their monetary assets. The result of these dynamics is that Tofaş’s domestic retail sales grew by 20% to around 150 thousand units sold. On the foreign sales side, car exports were in decline, falling by 15.2% as compared with 2021, but LCV exports grew by around 24.1% during the same twelve-month period. The upshot is that Tofaş’s total exports registered a net 8.0% rise as compared with the previous year. The drop in car exports can be attributed essentially to supply-side difficulties and to a rapid market shift in favor of hybrids and electrics. Commercial vehicle export growth on the other hand was supported by expanding e-commerce volumes.

SALES (TL THOUSAND)	2021	2022	CHANGE %
Export Sales	14,643,275	29,903,470	104.2
Domestic Sales	14,264,210	34,038,696	138.6
Other Income from Operational Activities	776,820	1,603,188	106.4

Tofaş accounted for a 12.3% share of Turkey’s 2022 exports as measured by volume.

EXPORTS

Still reeling from the lingering effects of the slowdown caused by disruptions in semiconductor availability, car sales in Europe (EU plus European Free Trade Association countries and the UK) were down by 4% year-on.

There is some variation at the national-market level however: sales in France (-7.6%), Spain (-5.4%), and Italy (-9.7%) were down for example while sales in Germany (+1.1%) were up slightly. Taking 2020’s general contraction into account as well, at end-2022 Europe’s passenger-vehicle market was still 13% below where it had been before its 2019 economic downturn.

On a unit-count basis, Tofaş’s exports registered an 8.0% recovery in 2022 as compared with the previous year, with a total of 121,485 vehicles being shipped abroad. As a result of this performance, Tofaş accounted for a 12.3% share of Turkey’s 2022 exports as measured by volume.

Although car exports were down by 15% year-on in 2022, LCV exports were up by around 24% during the same twelve-month period. The drop in car exports can be attributed essentially to supply-side difficulties and to a rapid market shift in favor of hybrids and electrics. Commercial vehicle export growth on the other hand was supported by expanding e-commerce volumes and by North American sales.

Tofaş 2022 export earnings were up by 109.6% year-on and weighed in at TL 29,903 million.

INVESTMENTS & R&D EXPENDITURES

Tofaş’s total investments amounted to EUR 46 million in value during 2022, much of it on Egea-related projects.

2022 INVESTMENTS	EUR (MILLION)
Egea Family	28.7
Doblò	11.9
Structural	3.3
Minicargo	2.2
Total	46.1

	2018	2019	2020	2021	2022
Investment outlays (EUR million)	95	106.6	108.3	100	46.1

YEARS	EBITDA		PROFIT BEFORE TAX		NET PROFIT
	TL thousand	Change %	TL thousand	Change %	TL thousand	Change %
2018	2,532,578	24.40%	1,290,894	5.00%	1,330,423	3.70%
2019	2,479,757	-2.10%	1,456,555	12.80%	1,481,639	11.40%
2020	3,025,512	22.00%	1,830,776	25.70%	1,784,170	20.40%
2021	5,794,126	91.50%	3,512,216	91.80%	3,281,316	83.90%
2022	11,269,849	94.5%	8,562,231	143.8%	8,562,191	160.9%