Volkswagen and Dogus Otomotiv Sign Letter of Intent for Car Production in Turkey
Dogus Otomotiv and Volkswagen Group signed a letter of intent to evaluate options for manufacturing Volkswagen passenger cars in Turkey.
KEY POINTS
- Dogus Otomotiv signed a letter of intent with Volkswagen Group companies
- The agreement covers evaluation of Volkswagen passenger car production in Turkey
- The deal was disclosed through the Public Disclosure Platform (KAP)
- The 2019 Manisa factory project was cancelled in 2020
Dogus Otomotiv, the Turkish distributor of Volkswagen vehicles, signed a letter of intent with Volkswagen Group companies to evaluate options for producing Volkswagen passenger cars in Turkey. The agreement was disclosed to the public through the Public Disclosure Platform (KAP).
The company stated that the letter of intent aims to evaluate alternatives for manufacturing Volkswagen brand automobiles in Turkey. Dogus Otomotiv said the potential cooperation seeks to supply the Turkish market with products compatible with new technologies and high added value.
“A letter of intent has been signed between our company and Volkswagen Group Companies for the purpose of evaluating options for the production of Volkswagen Passenger brand automobiles in Turkey.”
Dogus Otomotiv also said the planned cooperation aims to support the development of Turkey's automotive sector. The company added that any future developments will be shared in line with relevant legislation and public disclosure obligations.
The renewed production plans recall a 2019 investment project in Manisa. Volkswagen Group had said in 2019 that it might choose Turkey for a new production facility and began preparations for a factory in Manisa.
In October 2019, Volkswagen Turkey Automotive Industry and Trade Inc. was established with a capital of 943.5 million Turkish lira. The factory, with a planned investment of about 1.3 billion euros, was scheduled to start operations in 2022.
The 2019 project targeted annual production of 300,000 vehicles and employment for about 4,000 people. Volkswagen Passat and Skoda Superb models were included in the production plan. However, the investment process was not completed and the project was cancelled in 2020.
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