CEO of Turkey’s ‘indigenous car’ venture to be announced

ANKARA

The CEO of a joint venture founded by five local firms to produce Turkey’s first domestically-produced car will be announced on May 11, Science, Industry and Technology Minister Faruk Özlü has said.

“President Recep Tayyip Erdoğan will announce the CEO of the company and witness the incorporation protocol,” Özlü told reporters after the Technology Development Zones Summit in the capital Ankara.

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) will join the venture by holding five percent of the shares, he added.

The ceremony will take place at the presidential complex in Ankara in the afternoon, according to Özlü.

Anadolu Group, BMC, Kıraça Group, Turkcell, and Zorlu Holding will jointly manufacture Turkey’s first indigenous automobile.

The prototype of the vehicle is expected to be completed next year and mass production will start in 2020 or 2021.

The total investment in the indigenous car project is estimated at $3 billion.