Page 45 - TURKRptJul22

7.2 Major corporate news 7.2.1 Automotive corporate news
Stellantis (Milan/STLA), which was formed in 2021 through the merger of France's PSA and Fiat Chrysler, has decided to shift production of new Fiat Doblo model cars to its Vigo plant in Spain.
Tofas (TOASO), a 38:38 JV between Turkey’s Koc Holding (KCHOL) and Stellantis, said on June 7.
Current Fiat Doblo production will continue at Tofas (TOASO) factory until the end of 2022.
The assessments on the prolongation of the current version of Fiat Doblo production until the end of 2023 to serve the end markets in Turkey, NAFTA, Middle East and Africa region as well as potential production of new models are ongoing.
There are also rumours speculating that Stellantis wants to acquire a majority stake in Tofas and it can push Koc for a stake sale via cornering Tofas.
Tofas has been producing the Fiat Doblo at its Bursa factory since 2000. To date the company has manufactured more than 2mn units of this model, with annual production at more than 40,000 units.
Tofas has an annual production capacity of 450,000. It produced about 229,000 vehicles last year.
Doblo made up one third of Tofas' production with 77,520 vehicles in 2021. It also constituted 43% of the company's exports with 48,761 units.
45 TURKEY Country Report July 2022 www.intellinews.com