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Hyundai to Invest $400 Million in Turkey

: 2017-01-03 Modified date : 2019-03-26

Hyundai to Invest $400 Million in Turkey
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The South Korean company "Hyundai" revealed its intention to produce a multi-purpose sports cars (SUVs) in its manufactory of the Turkish city Izmit.

The company plans to produce about 50 thousand cars "SUVs" annually, in addition to the existing production plans to manufacture models i10 and i20.

In this context, the company's CEO " Mong Hyun Yoon" said that the current Manufactory does not have sufficient capacities to create a new model, where the maximum production capacity of the manufactory is up to 245 thousand cars that is why the company plans to invest about $400 million for establishing the new manufactory in the city of Izmit.

The company had started the investment in Turkey in 1990, and in 1995 established its manufactory in the city of Izmit in response to the growing demand. The company currently exports more than 90% of the produced cars at its manufactory in Izmit.

It should also be noted that the company broke records during the year of 2016 it has produced 230 thousand and 50 cars which is the highest rate recorded in history since 19 years, also   it exported 207 thousand and 300 vehicles to a 43 different countries, and the estimated revenue from the exportation is about $2 billion.

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