Prototype for electric car unveiled on Friday
Turkey's first homegrown automobile production plant will be completed in 2021 and the first car will be produced in 2022, a top official said Friday.
Turkey’s Automobile Joint Venture Group (TOGG), a conglomerate of industrial giants, will invest 22 billion Turkish liras ($3.7 billion) in the next 15 years, its chairman Rifat Hisarciklioglu at the launch of the car's first prototype.
"Each stakeholder of TOGG promised to give €500 million ($557.64 million) capital. They will not take profit from the company during the first 15 years," he said, at a ceremony in the industrial province of Kocaeli.
The electric car was created by TOGG in 18 months.
The IT Valley, a designated tech development zone, was also officially launched at the event.
The car will generate employment for 20,000 people and contribute to the country's GDP.
In June 2018, five industrial giants: the Anadolu Group, BMC, Kok Group, Turkcell and Zorlu Holding as well as an umbrella organization, the Union of Chambers and Commodity Exchanges of Turkey, joined hands to create TOGG.
Gurcan Karakas, the CEO of TOGG, said the group will produce five different models -- SUV, sedan, c-hatchback, b-SUV and b-MPV.
"We have tried to create a brand, of which intellectual and industrial property rights belong to us, with the latest technology," he said.
He added that infrastructure to charge the car will be completed by 2022.
TOGG decided to produce an SUV model initially because it is most popular in the automotive market.
The car will have two options -- 200 and 400 horsepower -- with a 500-kilometer range and level 3 automation.
He added that its battery was completely developed by TOGG.
Mustafa Varank, the technology and industry minister, said Turkey's exports were $36 billion in 2002. They have now reached $170 billion.
"While there was no incentive mechanism for research and development (RD) activities in 2002, Turkey created a strong RD and entrepreneurship ecosystem in 17 years," he said.
The government aims to make Turkey a leading technology producer in every field, Varank said.
