5/18/2012

Hyundai begins i20 production, announces new investment plan in Turkey

Zaman - South Korean automaker Hyundai’s Turkish division has rolled the first of the revamped supermini i20 out of the company’s Turkish plant in Izmit-Kocaeli, while announcing a USD 600 million investment program that will double Hyundai’s production capacity in Turkey.

According to the statement by Hyundai Assan, the investment will take the production levels of the Izmit plant to 200,000 vehicles per year, up from its current level of 100,000. A new model of supermini will be added to the production line, which will directly or indirectly create 2,400 new jobs. The new model is planned to enter production in 2014, with the majority of the production destined for export markets.

Hyundai’s Turkish plant currently manufactures Accent Era and i20 Troy models. Exporting cars to over 60 countries, the Hyundai-Assan Izmit plant in Turkey’s western province of Kocaeli holds the “highest quality production facility” title among all Hyundai plants across the world. The company’s annual exports are expected to hit USD 2 billion with the doubling of the production capacity.

Last March, Turkey and South Korea signed a framework agreement for a free trade deal that will be finalized in the coming months.
Turkey; automotive sector; turkey auto producers; turkey automotive investments; hyundai; hyundai assan; i20 troy; hyundai izmit; turkey investment incentives; turkey incentive scheme

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