automotive industry: Türkiye celebrates 99th anniversary of Republic Day

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Celebrations marking the 99th anniversary of the founding of the Republic of Türkiye began on Saturday with a ceremony at the mausoleum of the country’s founder Mustafa Kemal Ataturk in the capital Ankara.

Headed by President Recep Tayyip Erdogan, the ceremony at the landmark, known as Anitkabir, was attended by numerous state and military officials.

Erdogan left a star-and-crescent wreath of red and white carnations on Ataturk’s tomb, and he observed a moment of silence with other attendees before the playing of the Turkish national anthem.

The president wrote in the mausoleum’s memorial book: “We are working hard to make our Republic stand forever.”

He added that the historical day would be crowned with the opening of the production facility for Türkiye’s first domestic electric car, TOGG.

“Regardless of the obstacles put in front of us, we are resolutely continuing our struggle to make the current century ‘The Century of Türkiye,’ and to realize our nation’s dreams,” Erdogan said.

Erdogan will later host a Republic Day reception at the presidential complex.

The Turkish War of Independence started with Ataturk’s landing on the city of Samsun on the Black Sea coast in 1919.

Anatolia’s liberation from occupation opened a new chapter in Turkish history as the new country was recognized under the Treaty of Lausanne in 1923.

On Oct. 29, 1923, Ataturk officially declared the name of the nation and proclaimed the country’s status as a republic.

A vote then took place in Türkiye’s parliament, the Grand National Assembly, and Ataturk was unanimously elected the first president of the Republic of Türkiye.

Since then, Türkiye has celebrated Republic Day every year on Oct. 29.

A market rooted in light trucks and U.S. automakers

Amid the semiconductor shortage, light trucks remain the most popular vehicle type in the country. U.S. light truck sales amounted to under 11.6 million units in 2021, rebounding by around five percent compared to 2020. Meanwhile, the number of cars sold in the U.S. has been decreasing from a staggering 11.4 million units in 1973 to a little over 3.3 million units in 2021, as U.S. consumer demand has been shifting to larger vehicles over the past few decades.

General Motors, Chrysler LLC, and Ford Motor are the key American automakers, although Chrysler LLC is a fully-owned subsidiary of the Europe-based Stellaris. In addition to these carmakers, Tesla’s market share is rising due to the increasing acceptance of electric vehicles. General Motors is the vehicle manufacturer with the highest market share, followed by Toyota and Ford. automotive industry

War and profitability challenge the industry-automotive industry

Fuel prices in the U.S. have been increasing throughout the pandemic as well as during Russia’s invasion of Ukraine, with diesel prices soaring over five U.S. dollars per gallon by March 10, 2022. The U.S. has increased its national petrol production through hydraulic fracking to ease dependence on Russian crude oil exports; however, market uncertainty has led to inflation despite the U.S.’s increased self-reliance. automotive industry

In parallel, the new energy vehicle market has also gained popularity. Around 607,600 plug-in electric light vehicles were sold in the U.S. in 2021—almost double the sales in 2020. The Tesla Model S was the best-selling passenger car in the first quarter of 2022, followed by the Model 3. Tesla recorded a market capitalization of over one trillion U.S. dollars in April 2022, ranking among the world’s largest companies. Boosted by Tesla’s success, the U.S. electric vehicle automotive industry attracted startup companies like Rivian, Lucid Motor, and Canoo. Despite the boom in the market, these startups have challenges ahead; Rivian, which started its vehicle deliveries in 2021, recorded a net loss of close to 4.7 billion U.S. dollars in 2021. automotive industry

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