(Bloomberg) -- Ford Otomotiv Sanayi AS, a joint venture between Ford Motor Co. and Koc Holding AS, increased capacity by almost four-fold at its Yenikoy plant in the Turkish province of Kocaeli.Â
Speaking at the plant on Saturday, Chairman Ali Koc said the factory will cement Ford Otomotiv's position as Europe's leading electric commercial vehicle manufacturer. President Recep Tayyip Erdogan also spoke at the ceremony, saying his government has always supported the carmaker's investments.Â
Ford Otomotiv invested 1 billion euros ($1.1 billion), to increase annual capacity at the plant to 245,000 units from 68,000, according to a company statement. In the first half of 2024, the factory will produce plug-in hybrid electric and fully electric versions of the next generation Ford Transit Custom van model. The factory will boost manufacturing to 405,000 of the medium-sized commercial vehicles by 2025 after total investment doubles to 2 billion euros.Â
The Turkish carmaker reported net income of 13 billion liras ($458 million) in the third quarter, an increase of 240% from the same period a year earlier. The company targets to export as many as 550,000 vehicles this year.
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