Karsan Otomotiv Sanayii & Ticaret AS (KARSN), a light commercial vehicle maker for Peugeot SA and Fiat SpA (F), rose the most in three and a half months after Economy Minister Zafer Caglayan revealed details of the incentives offered to Turkey’s automotive industry.
The stock advanced as much as 4.6 percent, the biggest intraday leap since March 5, before paring its gain to 3.6 percent at 1.14 liras by 4:45 p.m. in Istanbul, according to data compiled by Bloomberg. The volume of shares traded surged to more than three times the stock’s three-month average. Karsan was the third-biggest gainer on the benchmark ISE National 100 index.
Turkey will allow carmakers that add at least 100,000 units annual capacity in the country to import additional vehicles equaling 15 percent of that amount without tariffs, Caglayan said in a speech in the capital today.
Producers making new investments in engine production will be able to import the equivalent of 30 percent of the new car capacity to Turkey duty-free, he said.
To contact the reporter on this story: Ash Kumar in London at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com