CEO of Turkey’s ‘indigenous car’ venture to be announced
“President Recep Tayyip Erdoğan will announce the CEO of the company and witness the incorporation protocol,” Özlü told reporters after the Technology Development Zones Summit in the capital Ankara.
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) will join the venture by holding five percent of the shares, he added.
The ceremony will take place at the presidential complex in Ankara in the afternoon, according to Özlü.
The prototype of the vehicle is expected to be completed next year and mass production will start in 2020 or 2021.
The total investment in the indigenous car project is estimated at $3 billion.