Turkish automaker TOFAŞ plans to roll out 2 new models
Turkish car producer TOFAŞ plans to invest $520 million for two new models in 2016, says Chairman of the company
Fiat Chrysler Automobiles' joint-venture company in Turkey, TOFAŞ, visualizes over half a billion dollars worth of investment within two years for two new automobile models, chairman of the company said in a statement on Wednesday.
TOFAŞ, in which Koç Holding and Fiat Chrysler Automobiles have equal shares, is one of Fiat Auto's three worldwide strategic manufacturing centers.
The company decided to invest $520 million in two new car models which will start to roll off the assembly line in 2016, according to the statement.
After the new sedan -- which was designed in cooperation with Fiat Chrysler Automobiles -- two new models, one a hatchback and the other a station-wagon, will be produced in TOFAŞ' production plant in Bursa, the fourth largest city in Turkey.
"I believe these new investments will positively contribute to the downscaling of our country's current account deficit problem as well as spur TOFAŞ' export performance," Koç added.
The company’s CEO, Kamil Başaran, stated that Turkey’s TOFAŞ research and development center, where about 600 developers are working, is the second largest R&D centre of Fiat Chrysler after its biggest center in Italy.
“We aim to produce over 700,000 cars from these new models between 2016 and 2023,” Başaran said.
“Our plan is to export a big number of these new model cars,” he added.
