ISTANBUL, Dec 17 (Reuters) - Production in Turkey's vehicle industry halved in November from a year earlier, as the leading export sector felt the impact of an abrupt downturn in European demand as a result of the global financial crisis.
Data released on Wednesday by the Turkish Automotive Industry Association (OSD) showed the slow-down accelerating rapidly after vehicle production fell by more than 20 percent in October. Vehicle production fell to 59,082 units in November.
Shares in Turkish carmaker Ford Otosan traded down 4.86 percent at 4.7 lira after the news, underperforming Istanbul's index of leading shares which was gaining 2.01 percent by 1255 GMT.
The production of passenger cars in Turkey fell by 54 percent in November.
Recent economic data has shown the financial crisis hitting Turkey hard -- economic growth hit a six-year low in the third quarter, when gross domestic product expanded just 0.5 percent year-on-year.
Turkey's largest export market, the European Union is in recession, while consumer confidence and demand at home are shrinking.
Exports of vehicles and components amounted to $21.26 billion in 2007.
Tofas, which was also underperforming the market at 0.83 percent higher, previously posted third-quarter consolidated net profit 70 percent lower year-on-year at 14.537 million lira. (Reporting by Alexandra Hudson and Thomas Grove)