Dogus Rises on Partnership Talks With Volkswagen: Istanbul Mover
Dogus Otomotiv Servis & Ticaret AS, the Turkish importer of Volkswagen AG (VOW) cars, climbed on speculation the company may partner Volkswagen in setting up a production unit in Turkey after Hurriyet newspaper reported the German automaker is considering such a plan.
Istanbul-based Dogus gained 4.3 percent to 3.67 liras at the close in Istanbul after rising as much as 6.8 percent. The report was based on Volkswagen’s internal technical evaluations regarding production in Turkey and the two companies “have not met to discuss an agreement for production in Turkey,” according to a statement from Dogus today.
Volkswagen will publish a preliminary report in March and a possible production plant would have an annual capacity of at least 250,000 units, producing more than one model, Dogus Otomotiv Chairman Aclan Acar said, according to the Hurriyet article.
Wolfsburg, Germany-based Volkswagen, the producer of Jettas and Golfs, also owns Audi, Seat and Skoda and aims to become the world’s biggest carmaker by 2018. Volkswagen did not immediately return two calls seeking comment.
To contact the reporter on this story: Benjamin Harvey in Istanbul at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org