Oct 22 2019

Volkswagen not searching for alternative locations to Turkey plant

German carmaker Volkswagen has said it is not looking for alternative locations as it weighs in on plans to build a new car factory in Turkey, Reuters quoted the company’s production chief Andreas Tostmann as saying on Tuesday.

The company earlier this month said it had delayed a decision on building a factory in Turkey amid international criticism of the Turkish military incursion into Syria.

“We are watching developments. Plans for Turkey are currently on hold. We are not actively looking at alternative locations,” Tostmann said.

The German carmaker’s postponement arrived as it was expected to announce a $1.1 billion investment in Turkey to build cars including the Passat and Skoda Superb models.

Turkey is looking to turn the tide on investment from abroad to help bolster economic growth following a currency crisis which sent the lira on a downward spiral last year.

https://www.reuters.com/article/syria-security-turkey-volkswagen/vw-says-it-is-not-scouting-alternative-locations-to-turkey-plant-idUSL5N2772K9