Turkish electric car project to see investment of $3.7 billion

On Friday, Turkey’s official gazette stated, its new domestic electric car project will receive a fixed investment of $3.7 billion (22 billion lira) over a period of 13 years, and will have an annual production capacity of 175,000 vehicles.

Its new domestic electric car project, launched on October 30, will receive state support, including tax breaks, reads the statement in the gazette.

The project will produce five models of the car by a workforce of more than 4,000 people.

Incidentally, Turkey is an auto export hub in Europe. Global carmakers typically enter into joint ventures partnerships with local players.

In November 2017, Turkish President Tayyip Erdogan had unveiled plans to launch a model that will be made completely in Turkey by 2021. At that time, a consortium of five firms, including mobile phone operator Turkcell as well as the parent of TV maker Vestel had been selected to produce the car.

The prototype of the model was scheduled to be completed by 2019 at the latest.

Erdogan is likely to unveil the new car at a ceremony on Friday.

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