Volkswagen founds subsidiary in Turkey

DPA News Agency news on Diplomacy Pakistan News

German carmaker Volkswagen has founded a subsidiary in the western Turkish province of Manisa, getting a step closer to setting up production in the country.

The company was entered in the commercial register in Manisa and has approximately 164 million dollars in capital, a company spokesman said Wednesday.

The state news agency Anadolu reported that the company will officially be called Volkswagen Turkey Otomotiv Sanayi ve Ticaret AS, with assets of 943.5 million Turkish lira (164 million dollars).

Regarding plans for a production plant near Izmir, Volkswagen has been saying for weeks that it is in “final” talks on a few remaining contract details.

The cars models to be made there would be the new Passat, which had previously been produced in a plant in Germany, and the Skoda Superb.

There was no exact date for the expected conclusion of the contract, sources at Volkswagen said.