Renault establishes new firm to enhance investments in Turkey

ISTANBUL

Renault Group, which has been operating in Turkey since 1968, has decided to establish a new company to enhance its investments in the country, according to a company statement released on Dec. 1.

Hakan Doğu, who is a member of Renault Group Corporate Management Committee, will lead Renault Group Otomotiv A.Ş. as the CEO, according to the statement.

Under the plan called “Renaulution,” the new company will focus on new business models based on technology, energy and mobility, it said.

Renault Group will continue its business with its long-time Turkish partnership with Oyak in three companies - Oyak Renault, Mais and Orfin.

Nearly 80 percent of vehicles produced at Oyak Renault’s factory in the northwestern province of Bursa are being exported. The company is the third-largest company in Turkey in terms of export volume with around 3 billion euros a year. Renault Group’s investments in the country hit 2 billion euros in the last two decades.