The sources, who declined to be named, said a reduction in the special consumption tax on vehicle sales could also come under consideration.

A sharp slowdown in the Turkish economy has hit the automotive sector, compounded by the weakening of key export markets across Europe.

"At this stage the most likely option would be to reduce loan costs for domestic manufacturers through the (state) Eximbank," said one government source.

"In the second stage a tax cut to reduce stocks and increase production could come onto the agenda

Shares in carmaker Tofas, a joint venture of Italy's Fiat and Turkish conglomerate Koc Holding, were up 2 percent on hopes of a boost to the sector, while the main share index was 2.7 percent lower.

Other vehicle manufacturers in Turkey include Oyak Renault, Ford Otosan, Toyota and Hyundai.

Finance Minister Kemal Unakitan had told reporters on Thursday evening that the government was working on steps to support automakers.