Global automakers increasing investments in Turkey

Istanbul, 28 August 2012 – Auto makers, Hyundai and Ford Motors, are increasingly depending on Turkey for its research & development and manufacturing. According to Umit Karaaslan, Hyundai’s Director General inTurkey, the company is about to increase its investment in Turkey – “Preliminary studies on setting up an R&D centre and engine production inTurkeyare underway. Hyundai is ramping up investments in its Izmit plant to increase its annual production to 200,000 vehicles and add a new class of supermini model to replace the i10 in 2013”. Hyundai’s Turkish factory holds the title – “highest quality production facility” for all Hyundai manufacturing plants across the world. Ford Turkey is also upping its stakes by investing 250 million USD in Turkey to build a third production, line alongside its existing lines, to manufacture its light commercial vehicles which will be exported to over 60 countries. Commenting on the news, Haydar Yenigun, Ford Otosan Director General, said  “Ford Turkey is the only business in Ford’s European operations that is not posting losses”. The new line is expected to come on stream by late 2013. Source: Invest inTurkey