Ford Otosan will invest an extra US$375 million until 2007 to raise commercial vehicle production at its Turkish plants, its general manager reportedly said on Wednesday.
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Ford Otosan, among top exporters in Turkey, has been producing commercial vehicles such as the Transit Connect and Cargo trucks in Turkey since 1998, Reuters said.
General manager Turgay Durak reportedly told a news conference the company, owned equally by Koc Holding and Ford with 41.04% stakes each, would raise the capacity of its Kocaeli plant to 280,000 units in 2007 from 240,000 now.
“With this new investment, our total investment since Ford Otosan began operations in Turkey will have reached $1.575bn,” he said, according to Reuters.
Durak said he expected the company’s production to rise to a record 243,000 units this year, up from 206,615 in 2004. He also forecast a turnover of $4.6bn, of which $2bn would be generated from exports of 162,000 units this year, Reuters added.
