FINANCIAL RESULTS
PRODUCTION
The 239,428 vehicles that Tofaş produced in 2023 corresponded to 16.3% of the Turkish automotive industry’s total output.
SALES
Total retail sales of cars and LCVs in Türkiye were up by 57.4% in 2023 and numbered 1,232,635 units sold. Car sales (967,341) increased by 57.4% as compared with 2022 while LCV sales (265,294) grew a somewhat more robust 39.2%. Tofaş’s combined sales to the retail market were up by 34.3% and amounted to 199,899 units as of year-end Owing mainly to the winding-up of the Fiat Doblò contract with the transfer of the vehicle’s manufacturing operations to Spain, Tofaş’s exports were down by 50.2% in 2023 and amounted to 60,494 units shipped abroad. This performance corresponds to a 5.9% share of the country’s automotive exports on the measure of numbers of units sold.
PRODUCTION (UNITS) |
2019 |
2020 |
2021 |
2022 |
2023 |
Egea |
146,103 |
151,736 |
116,679 |
134,844 |
171,072 |
Doblò |
76,529 |
68,798 |
77,520 |
85,021 |
9,885 |
MCV |
41,565 |
30,096 |
34,345 |
43,882 |
58,471 |
Total |
264,197 |
250,630 |
228,544 |
263,747 |
239,428 |
SALES (UNITS) |
Domestic Sales |
CHANGE |
Export Sales |
CHANGE |
TOTAL |
CHANGE |
|
2022 |
2023 |
% |
2022 |
2023 |
% |
2022 |
2023 |
% |
Automobiles |
100,722 |
132,774 |
31.8 |
39,109 |
42,696 |
9.2 |
139,831 |
175,471 |
25.5 |
Light Commercial Vehicles |
48,064 |
68,019 |
41.5 |
82,376 |
17,798 |
-78.4 |
130,440 |
85,817 |
-34.2 |
Total |
148,786 |
200,793 |
34.95 |
121,485 |
60,494 |
-50.2 |
270,271 |
261,288 |
-3.3 |
The 239,428 vehicles that Tofaş produced in 2023 corresponded to 16.3% of the Turkish automotive industry’s total output.
SALES (UNITS) |
2022 |
2023 |
CHANGE (UNITS) |
Domestic Sales |
148,786 |
200,794 |
52,007 |
Manufactured |
142,338 |
176,939 |
34,601 |
Egea |
97,078 |
125,054 |
27,064 |
Doblò |
24,321 |
9,643 |
-14,678 |
Fiorino |
21,361 |
42,242 |
20,881 |
Imported |
6,448 |
23,855 |
17,406 |
Ducato |
2,383 |
7,411 |
5,028 |
Fiat 500 |
165 |
1,244 |
1,079 |
Jeep® |
2,346 |
3,757 |
1,411 |
Ulysse |
2 |
1,053 |
1,051 |
Scudo |
232 |
1,865 |
1,633 |
New Doblò |
- |
5,805 |
5,795 |
Alfa Romeo |
880 |
2,016 |
1,136 |
Panda |
84 |
114 |
30 |
Maserati |
312 |
553 |
240 |
Ferrari |
44 |
37 |
-7 |
Exports |
121,485 |
60,494 |
-60,991 |
Tipo |
7,890 |
25,242 |
-17,352 |
Tipo HB and SW |
30,452 |
17,454 |
-12,998 |
Doblò |
32,806 |
245 |
-32,561 |
Ram Doblò |
27,755 |
1,528 |
-26,227 |
Fiorino |
22,574 |
16,010 |
-6,564 |
Others |
8 |
13 |
5 |
Total |
270,271 |
261,288 |
-8,984 |
Tofaş’s total sales were up by 3% in 2023 and amounted to TL 127,601 million in value.
Vehicle demand was fueled by pent-up consumer interest stemming from the market contraction of 2018-2019. Supply chain disruptions during the pandemic further limited vehicle availability. This accretion, coupled with the ongoing expansion of e-commerce, drove sales. High inflation, coupled with the Central Bank’s low-interest rate policy, spurred consumers to invest in tangible assets like housing and vehicles to protect their assets. This dynamic also bolstered domestic demand for light vehicles. The result of these dynamics is that Tofaş’s domestic retail sales grew by 33% to around 200 thousand units sold. Though light commercial vehicle exports contracted sharply by 78.4% in 2023 due to the end of Doblò production operations at Tofaş, automobile exports saw a 9.2% increase compared to the previous year and helped reduce the overall decrease in exports to 50.2%. Increased automobile exports were driven primarily by robust penetration of Middle Eastern and North African markets.
SALES (TL THOUSAND) |
2022 |
2023 |
CHANGE % |
Export Sales |
56,580,671 |
25,124,652 |
-55.6 |
Domestic Sales |
64,404,976 |
97,507,870 |
51.4 |
Other Income from Operational Activities |
3,033,409 |
4,968,478 |
63.8 |
EXPORTS
The easing of supply chain disruptions led to a 13.7% rebound in the 2023 European automobile market (EU, UK, and EFTA) compared to the previous year.
Among our key markets, Germany (+7.3%), France (+16.1%), Spain (+16.7%), and Italy (+18.9%) all reported positive sales growth.
The winding-up of the Doblò contract resulted in an overall 50.2% year-on-year decline in Tofaş’s 2023 exports. The 60,494 units that the company shipped abroad last year however still gave it a 5.8% share of Türkiye’s total export trade.
While automobile exports were up by 9% year-on in 2023, LCV exports were down by 78% year-on. The growth in automobile exports was mainly the result of strong penetration in Middle Eastern and African markets, while the decline in commercial vehicle exports was due to the termination of the Doblò contract.
Tofaş’s 2023 export receipts were down by 55.6% year-on-year and weighed in at TL 25,125 million.
INVESTMENTS & R&D EXPENDITURES
Tofaş’s total investments amounted to EUR 48.6 million in value during 2023, much of it on Egea-related projects.
2023 INVESTMENTS |
EUR (MILLION) |
Egea Family |
20.1 |
Structural |
17.3 |
K0 |
8.4 |
Minicargo |
1.8 |
Total |
48.6 |
|
2019 |
2020 |
2021 |
2022 |
2023 |
Investment outlays (EUR million) |
106.6 |
108.3 |
100 |
46.1 |
48.6 |
YEARS |
EBITDA |
PROFIT BEFORE TAX |
NET PROFIT |
|
TL thousand |
Change % |
TL thousand |
Change % |
TL thousand |
Change % |
2022 |
18,115,118 |
|
10,778,351 |
|
9,374,039 |
|
2023 |
19,666,722 |
8.6% |
18,326,525 |
70.0% |
15,083,439 |
60.9% |
