Hyundai to acquire Turkish Kibar Group’s shares in joint factory

Hyundai to acquire Turkish Kibar Group’s shares in joint factory


South Korean automaker Hyundai Motor Company has applied to assume full responsibility for its processing plant in Turkey by purchasing a 30% stake currently held by Kibar Holding, the Turkish Competition Authority (RK) said Thursday.

Addressing Bloomberg HT, Hyundai Assan Chairman Ali Kibar said the association will proceed, yet the offer proportions will change with the move. Presently, Hyundai Motor Company holds a 70% offer while the Turkish gathering has a 30% offer.

The organization creates a limit of 230,000 i10 and i20 models at its plant in northwestern Turkey’s Izmit which workers 2,500 individuals. It sends out these models to in excess of 40 nations, as per the data accessible on Hyundai Assan’s site.

Kibar said they are arranging an extra venture of 171 million euros ($209 million) for the Hyundai i20 model.

He added that there is an appeal for their vehicles in Europe. “We are intending to build our creation and fare ability by at any rate 20% or more. Toward the start of this current year, we authorized our i10 item with a venture of 110 million euros, we are contributing 171 million euros for the i20.”

We will convey lower limit usage to more elevated levels one year from now, he said.

The creation of third-age i20 at the joint plant in Izmit has represented half of the model’s worldwide creation after it started in August 2020.

The Hyundai Assan processing plant covers a territory of 1 million square meters (around 10 million square feet) and was the South Korean automaker’s first abroad assembling.