Koc to Invest $1 Billion in Motor Vehicle Units, Milliyet Says

Koc Holding AS (KCHOL), Turkey’s biggest group of companies, will invest 1.9 billion liras ($1 billion) in its motor vehicle units this year, Milliyet reported, citing the holding’s automotive group head Cenk Cimen.

Koc’s automotive group sales totaled about 22 billion liras in 2011, rising 30 percent from the previous year, Cimen said, according to the Istanbul-based newspaper. Ford Otomotiv Sanayi AS (FROTO), Koc’s joint venture with Ford Motor Co. (F), is investing at least $1 billion until 2015 on new Transit and a smal van model, raising annual output capacity to 440,000 units, Milliyet quoted Cimen as saying. Tofas Turk Otomobil Fabrikasi AS (TOASO), Koc’s partnership with Fiat SpA (F), will increase its capacity to 400,000 units, Cimen said, according to Milliyet.

Click here for web link

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.