6/24/2013

New vehicle model to double Hyundai’s exports from Turkey

Hürriyet – By adding a new supermini vehicle to its production line in Turkey, the South Korean carmaker aims to raise its exports from the country to TRY 3 billion (approx. USD 1.54 billion) from TRY 1.2 billion. The long-awaited i10 will enter production in September at Hyundai Assan’s İzmit, Kocaeli plant in northwestern Turkey, alongside another vehicle in the same segment, the i20 Troy, turning the company’s first overseas factory into a supermini manufacturing hub, mainly geared for export markets. Established in 1997 as a joint venture with Turkish Kibar Group, the Hyundai Assan plant currently manufactures 120,000 vehicles per year.


“The i10 model has brought in TRY 1.1 billion (approx. USD 570 million) of investments in the form of production line and spare parts upgrades to the Hyundai Assan plant.”, according to the company’s Director General, Umit Karaaslan. Speaking at a press meeting about the upcoming model, Karaaslan said that the i10 would create 400 new jobs at the plant and was poised to more than double Hyundai’s exports from Turkey. “The Izmit plant will reach 200,000 vehicles per year. Next year, 160,000 of these vehicles will be shipped abroad. By 2015, 180,000 vehicles will be exported, creating an annual export revenue of TRY 3 billion (approx. USD 1.54 billion), more than double of today’s TRY 1.2 billion.”, the Hyundai Assan executive added.


Hyundai, one of the several global automakers such as Ford, Toyota, Honda and Renault that take advantage of Turkey’s key location and high-quality labor force for production operations, plans to grab a larger share of the European small car market with the new i10.


Automotive investments are considered ‘high priority’ in Turkey’s investment incentive scheme and strongly supported.

Turkey; automotive sector; turkey auto producers; turkey automotive investments; hyundai; hyundai assan; hyundai i10; i20 troy; hyundai izmit

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