According to a statement to the Istanbul Stock Exchange, the joint venture has laid out plans to start manufacturing a new passenger car in the second half of 2015.
Tofas will invest $520 million to roll out 580,000 vehicles by 2023, exporting a third of the total, the companies 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 history, being originally established in 1968 and builds Fiat models under license, together with some locally designed vehicles (mainly used as taxicabs).
The carmaker 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.
Via Automotive News Europe
) - Monday, October 28th, 2013 - filed under Fiat
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Discuss: Report – Fiat’s Turkish joint venture will start producing a new model in 2015