Vatan – World’s leading automotive producer, Toyota of Japan is set to realize a major upgrade in its plant in Turkey. According to a statement by Toyota Turkey, the company has obtained a TRY 1.1 billion (Approx. USD 470 million) investment incentive certificate for upgrades and modernization at its plant in Adapazari, Sakarya in northwestern Turkey.
As a result of the upgrade, the output of the Adapazari plant will reach an annual rate of 250,000 vehicles up from 170,000. Currently manufacturing the Corolla and Verso models, the plant will also host the assembly line of an as-yet unannounced third model.
Toyota Turkey exported more than 85 percent of its production in 2014, reaching an export volume of USD 2 billion. In addition to Toyota, Turkey is a manufacturing and export hub for other car makers including Ford, Renault, Fiat, Honda, and Hyundai.