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Turkey to invest $360m in car production by late 2021

04 November 2021 [16:24] - TODAY.AZ

By Azernews


By Vugar Khalilov

Turkey’s Industry and Technology Minister Mustafa Varank has said that 3.5 billion liras ($360m) will be invested in the domestic car (TOGG) production by late 2021, Yeni Shafak newspaper has reported.

Varank made the remarks while presenting the ministry's 2022 budget at the parliamentary plan and budget commission, the report added.

Some 2.5 billion liras ($257m) have been invested so far and the first vehicle will be off the production line by the end of 2022, he said.

Varank stressed that Turkey had also made significant progress in the production of batteries, the heart of electric vehicles.

“TOGG and Farasis will soon start their 20 GWh battery investment in Gemlik. We are also in talks with other global battery manufacturers,” he said.

Varank underlined that the government is working on the modernization and transformation of the energy-intensive industrial sectors in line with the Green Deal requirements. He added that Organized Industrial Zones (OIZ) will be transformed into green and sustainable production areas by implementing the Green OIZ Certification System.

“We will lay the foundation of the Informatics Valley Izmir before the end of the year. We are taking decisive steps for sustainable development and green transformation in the industry,” he emphasized.

Varank said that under the Working and Producing Youth Program, the government had set up 170 factory buildings in 32 provinces and gave them to investors.

The financial aid worth over 600 million liras ($62m) will be spent to employ 60,000 young people, he stressed.

Speaking about the hybrid rocket engine production, Varank said that 25 billion liras ($258m) had been allocated for the project under the 2022 budget.

“We have reached the final stage in the liquid fuel Ramjet Project. In 2022 we will reveal a Ramjet engine prototype operating at supersonic speeds. We are preparing our country for the space race with the National Space Program,” he underlined.

Furthermore, Turkey's Automobile Joint Venture Group (TOGG) shared new details about the production and assembly process of cars in a video on its media social media account.

The company announced that its smart SUV device, of which electronic and mechanical system productions had been completed in Turkey, received confirmation on the preliminary eligibility.

The TOGG engineers made the vehicle, which can gain 100 -km/h-speed in 4.8 seconds, from the scratch and the vehicle was tested on the Istanbul Park track, the company noted.

Turkey's Automobile Joint Venture Group Inc. (TOGG) is an automotive company founded as a joint venture in 2018. Anadolu Group, BMC Turkey, Kok Group, Turkcell, and Zorlu Holding are major stakeholders under the umbrella institution TOBB. In the joint venture, TOBB has a 5-percent share and other companies own 19-percent shares for each.

URL: http://www.today.az/news/regions/211730.html

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