Turkey’s Kibar aiming for third model at Hyundai Assan factory, chairman says

ISTANBUL

Turkish conglomerate Kibar Holding plans to produce a third vehicle model at its Hyundai Assan factory in northwest Turkey, although the decision has not yet been finalized, chair Ali Kibar told Reuters on Sept. 5.

Kibar Holding produces 245,000 automotive units annually with its Korean partner Hyundai Motors. 

Kibar said that Hyundai’s i10 and i20 models are produced in a Turkish factory mostly for sale in Turkey and Europe. 

“We have plans for a third vehicle model but we do not want to make an announcement as the final decision has not yet been finalized. We are working on it,” he added, as quoted by Reuters. 

He also stated that Kibar Holding may hold initial public offerings for one or two of its group firms, but only if the proceeds can be used to buy a company active on a global scale.

Kibar’s energy unit was in talks on increasing the volume of its natural gas import license, which currently amounts to one billion cubic meters annually, he added.