Production To Weather Slowdown Through Diversification And New Investments

Automotive production in Turkey looks poised to outperform BMI's expectations of 5% year-on-year (y-o-y) growth in 2011, having registered an impressive 10% y-o-y growth to 1.08mn units during the first eleven months of the year, according to estimates from the Turkish Automotive Manufacturers Association (OSD). BMI, however, cautions that the growth rate will be unsustainable in 2012, as the country's export-oriented production will suffer from a slowdown in autos demand from Western Europe - its principal export market. We expect the production segment to maintain average growth of 9.5% y-o-y between 2012 and 2016 as the country continues to

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