Sales of electric vehicles (EVs) in Türkiye are expected to register an annual average growth of nearly 61% in the coming years, a trend that is forecast to see the battery-powered cars’ share in the passenger vehicle segment soaring to over 30%, according to a report.
EV sales have boomed this year, rising ninefold in the first ten months versus a year ago, propelled by the first domestically produced electric car brand, Togg, as well as the entrance of many global automakers such as Tesla.
Sales are expected to grow by 60.8% a year on average until 2032, according to data compiled from the "Turkey Electric Vehicles Profile" country report by research firm BMI, a unit of Fitch Solutions. The growth is expected to elevate EVs’ share in total passenger car sales to 30.4%, it said.
It would mark a twofold increase compared to BIM’s earlier forecast of 33.2% growth. The share of EVs in total car sales is expected to reach 4.1% this year, up from just 1.3% in 2022.
Some 48,883 EVs have been sold from January through October of this year, according to the Automotive Distributors and Mobility Association (ODMD). The combined sales of electric and hybrid cars totaled 127,270 units.
By 2032, the total number of electric passenger vehicles in Türkiye is forecast to surge to 259,500, according to the BIM report.
Sales in October alone jumped tenfold to 9,832, lifting the EV share in the overall market to 11.9%.
Togg, the manufacturer of Türkiye’s first electric car, outpaced Tesla as it delivered some 3,567 units of its C-segment SUV T10X in October. This figure brought its deliveries since late April to 9,171 units.
Tesla sold 500 units of its Model Y last month. The carmaker has delivered some 10,700 units so far this year.
The trajectory of increased EV sales is projected to continue into 2024, according to the BIM report. However, the imposition of taxes is anticipated to keep the overall market share of EVs in the automotive industry constrained for some time.
Despite the limitation, the report suggests supportive measures may be instituted, particularly for Togg, serving as a catalyst for the widespread adoption of electric vehicles.
Togg's production is set to reach one million units by 2030, with plans to commence exports to European markets by 2025.
Besides the SUV, Togg will manufacture four other models – a sedan, C-hatchback, B-SUV and B-MPV – by 2030. The sedan will follow the mass production of the SUV.
The current production capacity of around 100,000 vehicles per year will reach 175,000 once Togg’s factory in the northwestern Bursa province reaches total capacity.
Meanwhile, a significant upswing is also expected in the sales of commercial electric vehicles over the next few years. The surge is poised to be fueled by improvements in incentives and the expansion of charging infrastructure.
The initiation of Tesla's investment in charging infrastructure in Türkiye is predicted to strengthen the outlook for electric vehicle sales by 2032.