Zaman – Hyundai is close to announcing a new investment in Turkey slated to double the South Korean car maker’s production capacity in the country.
Reportedly, the positive approach by the Turkish government to the signing of a possible free trade deal between Turkey and South Korea, has shifted the balance towards Turkey in the race to draw the company’s sizeable manufacturing investment. The company has invested USD 400 million in the production of various passenger and light commercial vehicles in Turkey, home to its first overseas production plant.
The planned investment involves upping the capacity in Hyundai’s Izmit plant to 200,000 cars per year and adding of another production line for a sedan type vehicle. Expected to be worth over USD 400 million, the investment will create 2,000 new jobs at the plant.