Growth Strategy of a Contract Automobile Manufacturer in Turkey during the 2008–2009 Financial Crisis

Abstract

The financial crisis of 2008–2009 was devastating for most of the car manufacturers around the world. Many of them lost their competency and market position in the global car market with unprecedentedly low sales volumes and negative financial performances. However, Tofas, the biggest car manufacturer of Turkey, turned the financial crisis into an opportunity through its international alliances, credit subsidiary and research and development (R&D), while increasing its profitability and market positioning during the midst of the financial crisis.