2/11/2015

Turkish-Italian JV Tofas to invest EUR 600 million in 2015

Aksam – The joint venture between Turkey’s Koc Holding and Italy’s Fiat will invest EUR 600 million into its operations in Turkey in 2015, according to a statement by the company.


The company is preparing to add new models to its production lines and set its export target at a figure between 150,000 to 160,000 vehicles, according to a statement made by the company to the Public Disclosure Platform (KAP) of Borsa Istanbul. The company exported 142,281 vehicles in 2014, out of a production total of about 222,000. The investment total for the course of 2015 is set at EUR 600 million, most of which will be channeled into the new additional models. The company invested EUR 330 million in 2014.


Tofas plans to add two new models – a new station wagon and a hatchback model – to the production line at its Bursa plant, with the first vehicles scheduled to roll off the line in 2016. The plant currently manufactures the Doblo commercial vehicle and Linea passenger sedan.


Ford, Fiat, Hyundai, Renault, Toyota, Honda and other carmakers have production operations in Turkey where they utilize the country’s skilled labor force and strategic location to reach regional and global markets. Having an edge in manufacturing commercial vehicles of almost every variety, Turkey ranks fifth in Europe in overall motor vehicle production.

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