Volkswagen may invest EU 1 billion in Türkiye

Bloomberg - Volkswagen AG, Europe's biggest automaker, may invest 1 billion euros ($1.6 billion) in a Turkish factory with its local partner Dogus Holding, Referans newspaper said today. Aclan Acar, chairman of Dogus Otomotiv Servis & Ticaret AS, which distributes Volkswagen cars in Türkiye, said the German company would “sooner or later” begin production in Türkiye and the minimum investment would be 1 billion euros, Istanbul-based Referans said. Acar said the plant may be built in the northwestern town of Adapazari in the next three to four years, according to Referans. Cheap labor makes Türkiye attractive for Volkswagen, he said. Industry Minister Zafer Caglayan told reporters last week that a major carmaker planned to start production in Türkiye by investing 1 billion euros, without naming the company, Referans reported.