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Turkey gains additional 500 mln USD from Toyota to boost vehicle production

Xinhua, January 25, 2015 Adjust font size:

Toyota will invest additional 500 million U.S. dollars in Turkey for its new models, private Dogan news agency reported on Saturday.

It will bring the company's total investments in Turkey to 2.4 billion dollars, Toyota Motor Manufacturing Turkey's CEO Orhan Ozer was quoted as saying at a business meeting in southern city of Antalya.

"Our company has made 1.9 billion dollars investments in Turkey up until now and will invest additional 500 million dollars within the next two or three years," Ozer said during the meeting.

He added that "we hope that our exporting level of annually 2 billion dollars will exceed 4 billion dollars within the next two years."

Turkey is fifth in rank in Europe on vehicle production, Ozer added. Toyota Turkey, which is one of company's vehicle production bases in Europe manufactures Corolla and Verso models.

Majority of its production is exported to over 50 countries from Europe, North Africa, Middle East, Central Asia and Caucasus. Endit