Turkish Karsan eyes 30% growth in 2025, generating over $400M turnover
Exterior view of Karsan’s headquarters in Bursa, Türkiye. (Photo via karsan.com)
One of Türkiye’s leading commercial vehicle manufacturers, Karsan, aims to expand its business by 30% in 2025, targeting a turnover of €350-400 million ($381.76-436.3 million), with a strong emphasis on electric vehicle sales.
Karsan CEO Okan Bas outlined the company’s 2024 performance and 2025 goals during a presentation on Sunday. According to Bas, the company’s turnover rose from €240 million in 2023 to €296 million in 2024, with electric vehicle sales accounting for over 54% of total revenue.
Bas noted that operational efficiency and strong competitiveness led to a 28% increase in profitability last year, reaching €55 million. “We sold 540 electric minibuses and buses in 2024, achieving an annual growth rate of 30-40%,” he said.
‘Electrification in Europe presents significant potential’
Emphasizing the importance of the European market—one of Karsan’s largest export destinations—Bas highlighted that approximately 14,000 city buses are sold in Europe annually.
“Last year, this market declined to 13,500 units, yet sales of electric public transport vehicles increased from 5,000 to 6,000. This indicates that the shift toward electrification in public transportation—both for minibuses and buses—continues steadily and will persist in the coming years,” he stated.
“The market size of 14,000 units will expand, and the share of electric vehicles within it will also grow. This presents a significant opportunity for us,” Bas added.
Between 2019 and 2024, Türkiye exported 1,258 electric public transport vehicles to Europe, with 1,033 of them branded under Karsan. “This means Karsan accounted for 82% of Türkiye’s electric vehicle exports in this segment. Karsan’s market share in Europe has reached 4.5%, ranking eighth in the sector,” he noted.
“Currently, more than 1,500 Karsan electric minibuses and buses are operating across 27 countries on three continents, accumulating over 250 million kilometers (155.34 miles) of experience,” he added.
Looking ahead, Karsan aims to strengthen its presence in the electric vehicle sector by increasing annual sales from 540 to 700 units and expanding its electric fleet to 2,200 vehicles.
“We are set for another year of growth across all segments,” Bas concluded.
