Fri, 15 Nov 2019

Volkswagen pauses $1.4 billion investment in Turkey

PanArmenian.Net
16 Oct 2019, 04:07 GMT+10

PanARMENIAN.Net - Volkswagen has paused a planned $1.4 billion investment in Turkey as a result of the country's military offensive in Syria, CNN reports.

The world's largest carmaker, which operates 122 production plants around the world, had been preparing to take a final decision on a factory planned for Turkey's western Manisa province.

'The decision for the new plant was adjourned by the board of management of Volkswagen AG,' the company said in a statement. 'We are monitoring the situation carefully and are worried about the current developments.'

The €1.3 billion ($1.4 billion) plant was reportedly slated to produce the Volkswagen (VLKAF) Passat and Skoda Superb.

Volkswagen Group already has one factory in Turkey, which produces commercial vehicles for its MAN subsidiary.

Turkey launched an invasion last week of territory in Northern Syria controlled by the Kurds, an ethnic minority long allied with the United States that played a major role in the fight against ISIS.

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