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Friday June 22, 8:30 PMTofas, Fiat sign commercial vehicle dealISTANBUL, June 22 (Reuters) - Italian carmaker Fiat and its Turkish joint venture Tofas have signed a deal to produce 120,000 light commercial vehicles annually in Turkey, Tofas said in a statement on Friday.It did not identify the vehicle but newspaper reports this week said the companies would invest 350 million euros ($470 million) in making the new Doblo van model in Turkey. Tofas shares were up 2.4 percent at 6.45 lira at 1225 GMT, outperforming a negative market. "A letter of intent was signed today between our company and Fiat Group Automobiles SPA to produce a new light commercial vehicle at our Bursa factory (in northwest Turkey)," the statement to the Istanbul Stock Exchange said. It said 120,000 vehicles would be produced annually and around 70 percent of these will be exported. Fiat's chief executive, Sergio Marchionne, said last month there was a more than 50 percent probability that it would produce the new Doblo in Turkey but that talks were continuing. Tofas is a joint venture between Fiat and Turkish conglomerate Koc Holding . |
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