According to a statement to the Istanbul Stock Exchange, the joint venture between Italy’s carmaker and local Tofas has developed plans to start building a new passenger car in the second half of 2015.
Tofas will invest $520 million to roll out 580,000 units of the model by 2023, exporting a third of the total, the companies jointly said on Oct. 25. Türk Otomobil Fabrikası Anonim Şirketi – Tofas – is jointly owned by Fiat and Koç Holding (37.8% of the company’s shares belong to Fiat Group Automobiles; 37.8% to Koç Holding; and 24.3% to others).
The Turkish automaker has a long domestic history, being originally established in 1968 and currently 0builds Fiat models under license, together with some locally designed vehicles (mainly used as taxicabs). The maker ranks third in the Turkish passenger car market with a share of 8.4 % and the partners make the Fiat Albea, Linea, Doblo and Fiorino; Citroen Nemo; Peugeot Bipper; and Opel/Vauxhall Combo at their factory in Bursa.
The new model should come and replace the aging Fiat Linea, manufactured in Turkey by Tofas at its facility in Bursa since 2007.
Via Automotive News Europe