12/22/2020

Hyundai Motors to Raise Stake in Hyundai Assan

South Korean automotive manufacturer Hyundai Motor Company has applied to the Turkish Competition Authority to buy Kibar Holding's equity interest in Hyundai Assan Otomotiv.

Hyundai Motors currently holds a 70 percent share in Izmit-based Hyundai Assan Otomotiv with the Turkish group Kibar Holding taking ownership of the outstanding 30 percent equity share. With this acquisition, Hyundai Motors will turn its Turkey factory to a wholly-owned subsidiary.

Hyundai Assan Otomotiv manufactures over 230,000 units of the i10 and i20 models annually, with its output bound for export to 40+ countries. Its total workforce comprises 2,500 employees.​​

Hyundai Motors; South Korea; Kibar Holding; Hyundai Assan Otomotiv