French company Renault increases its investment in Turkey

Istanbul, 3 February 2012 - With its Turkish partner Oyak Holdings, Renault, the French auto manufacturer, is to invest USD 254 million in its manufacturing plant in Turkey. In 2012 Renualt intends to start production of new Clio 4 Supermini together with its upgraded Megane 3 hatchback as well as considering adding a new light commercial vehicle to its production lines. Commenting on the announcement Tarik Tunalioglu, Oyak Renault Director General, said “Renault’s investments in Turkey topped USD 176 million in 2011 and we plan to increase the amount to USD 254 million this year” adding “A little over USD 100 million of this amount will be utilised to manufacture engine and transmission elements in Turkey” In a further sign of Renault’s commitment to Turkey an Oyak Renault executive said “Renault intends to increase its market share to 20 percent in all the segments it competes in. We currently hold a 16.4 percent market share. In this context, LCV production would be a big boost”. Oyak Renault’s production facility in Bursa in Turkey has a production capacity of 360,000 vehicles per year making it making it Renault’s second largest production plant in the world. Source: Invest in Turkey
Tags: Investment, Turkey, Turkey Economy
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