Turkey automotive components industry grinds to a halt - report

Turkey’s automotive components industry is grinding to a halt, threatening the jobs of 200,000 people employed in the sector.

Forty percent of producers have halted production next week and more than 50 percent have announced short working weeks, Dünya newspaper reported on Friday citing a poll of businesses by the Association of Automotive Parts and Components Manufacturers (TAYSAD).

Turkey’s government has announced a package of economic measures worth 100 billion liras ($15 billion) to help businesses hit by the spread of the coronavirus. The steps include help to restructure company loans and delays to sales tax and social security payments.

More than 60 percent of companies have applied to the Turkish Employment Agency for financial aid to meet the cost of wages, Dünya said, referring to the survey.

The businesses are halting production after carmakers including Oyak Renault and Ford Otosan announced a temporary halt to manufacturing.

https://www.dunya.com/ekonomi/otomotiv-tedarik-sanayinin-yuzde-40i-duracak-haberi-466112