Bloomberg News

Turkish Car Companies Decline in Istanbul After Tax Increase

October 13, 2011

Oct. 13 (Bloomberg) -- Turkish carmakers including Tofas Turk Otomobil Fabrikasi AS, Fiat SpA’s unit in Turkey, fell after the government increased consumption taxes on some cars and vans.

Tofas declined 1.1 percent to 7 liras at 9:47 a.m. Ford Otomotiv Sanayi AS, which makes and sells Ford cars, fell 0.7 percent to 13.8 liras.

To contact the editor responsible for this story: Mark Bentley at

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