Verso Active dream ends for local Toyota

Verso Active dream ends for local Toyota

ISTANBUL - Hürriyet
Verso Active dream ends for local Toyota

Toyota Turkey Chief Executive Ali Haydar Bozkurt poses with the Verso passenger car model. Hürriyet photo

Toyota withdrew from a $250 million investment at its Sakarya plant because the Finance Ministry has refused to declare its Verso Active a commercial vehicle, meaning it will not receive a special consumption tax exemption, daily Hürriyet has reported.

Toyota Turkey Marketing and Sales Chief Executive Officer (CEO) Ali Haydar Bozkurt said they had already formed a team and had begun preparations for the Verso, but that as a result of recent developments, they had lost an “opportunity,” according to Hürriyet.

“After the Finance Ministry’s two decisions, the project was shelved,” he said, adding that Turkey had not only missed out on a huge investment, but also a project that would bring in foreign currency and create new employment in the northwestern province. Bozkurt said the ministry did not believe that the Verso model resembled a light commercial vehicle and that it had the same appearance as the Verso’s passenger model. The 1,000 models that Toyota had already produced were, therefore, a waste, he added.
“This led to profound disappointment for Toyota Turkey’s upper management. We had a tough time explaining these decisions to the Japanese,” said Bozkurt.

Toyota, business, cars, economy