29 July 2022

Otokar doubles revenues in 2022 H1, driven by continued international success

Otokar doubles revenues in 2022 H1, driven by continued international success
Otokar, the leading company of the Turkish automotive and defense industries, announced the financial results of 2022 H1. Opening the year with a fast start, Otokar launched four new vehicles in the first half of 2022. As the company introduced its latest innovative vehicles around the world, Otokar doubled its revenues in H1 compared to the same period of the previous year. While exports maintained the current levels, the company posted a net profit of TL 543 million in 2022 H1 with an increase of 37%.
Otokar, a Koç Group company, opened the year with a fast start. Introducing its latest innovations one after the other, Otokar announced the financial results of 2022 H1. In a 180-day period of major deliveries to local and international clients, the launch of four new vehicles, and participation in multiple fairs, Otokar doubled its revenues in the first 6 months of 2022 compared to the same period of the previous year. With many firsts to its name, innovative products, and solutions, Otokar operates with subsidiary companies in four countries, in addition to Turkiye. Otokar, whose vehicles are used in more than 60 countries on five continents, doubled its revenues in 2022 H1, recording TL 3.7 billion. Meanwhile, exports fared at nearly the same levels year on year, reaching USD 146 million.
Serdar Görgüç, General Manager, Otokar, provided an overview of the company’s performance in the first six months, noting that Otokar has maintained its position as the leader of the Turkish bus market for 13 years and continued to be the first choice of clients: “The fact that Otokar’s buses are used in many metropolitan municipalities in Turkiye, including Ankara, Izmir and Istanbul, and also preferred in countries such as France, Italy, Spain, Germany, and Romania in Europe makes us proud. We completed the delivery of 100 KENT C metrobuses that we designed specifically for the mega city, Istanbul, in as short as six months after winning the municipality’s tender late last year. Otokar’s 21m Otokar KENT C metrobuses, with a capacity of 200 passengers, started serving the city in early 2022.”
Görgüç added that Otokar, which has already pioneered many vehicles such as Turkiye’s first hybrid bus, first electric bus, and smart bus, recently debuted its newest electric buses at Busworld Turkey 2022, asserting its leading position in this segment: “We have already demonstrated our pioneering work in alternative fuel vehicles. Focused on future expectations, we promoted the 12m electric bus during a demo tour across Europe late last year. The new members of our electric bus lineup, ranging from 6 meters to 18.75 meters, were unveiled at Busworld Turkey. The electric articulated city bus, e-Kent, and our electric minibus e-Centro, which we showcased at the international fair, were received with great interest for their designs and specifications. We recently received new orders for our electric buses from Europe, which is our target market. We aim to write a new success story with our electric buses.”
Serdar Görgüç reminded that 2022 would be the year of innovations for Otokar, adding that the company is asserting itself not only in public transportation but also in the light truck market with the launch of Otokar Atlas 3D: “Nearly a decade ago, we brought our experience in commercial vehicles to the light truck segment with the introduction of Otokar Atlas, which has since earned the admiration of companies and public institutions from various sectors. We recently launched the latest member of the range, the 12-ton, 3-axle Otokar Atlas3D in response to the market expectations and needs. Furthermore, we continued to strengthen our dealership organization to make our wide commercial vehicle range easily accessible across Turkiye. Our new dealers in the Black Sea and Eastern Anatolia Regions are already serving our customers.”
Görgüç noted that Otokar’s activities in the Turkish defense industry continue seamlessly, adding that the user tests of the military vehicles, with successful track records worldwide, are ongoing in different geographies: “Otokar is a global player in the defense industry. Our military vehicles are currently in the inventories of more than 55 users, including the Turkish army and security forces, in over 35 friendly and allied countries. They are actively used in quite diverse geographies, toughest climates, and on challenging terrains. In the first six months of this year, we showcased our defense industry products and capabilities at a number of fairs in Eastern Europe, Far East and South America, starting with Eurosatory, Europe’s largest defense industry event. After taking a break during the pandemic, these events provided an opportunity to meet with existing and potential users in person. In addition to our successful land vehicles and services, our technology transfer capabilities also set us apart among the competition. We continue to follow potential cooperation and export opportunities in different regions closely.” Görgüç added that Otokar actively monitors the defense industry to identify the needs and expectations in different markets, “The successful performance of our armored vehicles, which are in the inventories of diverse countries and actively used in peacekeeping missions, draws the attention of other countries. The users want to try our vehicles in their own territories and climates. Currently, our vehicles are put to rigorous and comprehensive tests by our users in various countries. We remain focused on the expectations and needs of our clients. As disclosed this May, we received a major order from an export market. We are currently planning the delivery of this order.”