Turkey determined to run for electric car race

Posted by meb at February 25th, 2013

Turkish state institutions are set to provide full support to local electric car production as Turkey’s science agency will provide 100 percent in research aid while the Science Ministry is promising to buy 200 electric cars over five years.

“Turkey will make a name for itself with domestic electric car production and development,” Turkish Science, Industry and Technology Minister Nihat Ergün has said, adding that Turkey did not want to miss the opportunity to have a say in the electric car sector, as it has lost out before in the fossil fuel vehicle technology sector. (more…)

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Turkish largest private airline goes public

Posted by meb at February 25th, 2013

Pegasus, Turkey’s largest private air carrier, is planning to open up its shares to the public, according to the company.

The company applied to the Capital Markets Board (SPK) for a public offering on Feb. 22; the shares are expected to be opened either this year or next year.

The company initiated research in 2011 with the intention of setting up an initial public offering (IPO) earlier but had to postpone the plans due to waning investor interest in capital markets during the global financial crisis. (more…)

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Antitrust board fines carmakers 277.4 million Turkish Liras

Posted by meb at April 19th, 2011

Turkey’s Competition Board has fined 15 Turkish automotive companies a total of 277.4 million Turkish Liras for violating antitrust laws by holding talks on future pricing and their inventories.

Local Ford Otomotiv was sentenced to the highest fine, 68.8 million liras, while TofaÅŸ, the domestic maker of Italian Fiat cars, followed with 47.8 million liras.

Top executives from the producers and sellers continued to defend themselves until a final hearing last week in Ankara.

The board finalized its investigation on 23 companies Tuesday.

One of the main pieces of evidence the board mentioned during the last hearing was an inter-company email from a Nissan executive that asked: “Have you talked with the competitors? What will they do?” (more…)

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Arbil closer than ever to Turkey

Posted by meb at April 15th, 2011

Turkish Airlines has launched direct Istanbul-Arbil flights, the latest sign of the developing relations between Turkey and the Regional Kurdish Administration in northern Iraq. Turkish Finance Minister Mehmet Şimşek welcomed Iraqi Kurds at a ceremony in Arbil, saying in Kurdish, ‘We have been brothers for a thousand years. No one can destroy this!

Northern Iraq, on what was once one of the most disputed Turkish borders, is closer to Turkey than ever in both economic and political terms. Speaking in Kurdish during a visit Thursday, the Turkish finance minister reiterated the ruling government’s support fro the Iraqi Kurdish region. (more…)

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China’s Chery to invest $500 mln in Turkey

Posted by meb at September 17th, 2009

Industry and Trade Minister Nihat Ergün on Wednesday said Chinese auto maker Chery expected to establish a factory in Turkey with an initial $500 million investment.
“The firm has expressed a desire to access world markets via Turkey. They have applied to build a production base in Turkey,” Ergün told a meeting at the ongoing Frankfurt Auto Show in Germany. Two executives from Chery had visited the northwestern province of Sakarya in January to acquire land to build an automotive factory. The auto producer had commenced feasibility studies with the Turkish Mermerler Group, Chery’s current distributor in Turkey. (more…)

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Renault to begin producing electric car in Turkey

Posted by meb at September 17th, 2009

Turkish Industry and Trade Minister Nihat Ergün has said Tuesday that French car maker Renault would start producing its Fluence brand in Turkey in 2010.
Speaking to reporters at the 63rd Frankfurt Auto Show, which kicked off on Tuesday, Ergün said in 2011 Renault would begin production of the electric version of this car, noting that this would be a major landmark for the Turkish auto sector.

Commenting on the electric version of the Fluence, Foreign Trade Minister Zafer ÇaÄŸlayan, who also attended the auto show, said this would make Turkey a base for electric car production and investment. The two ministers evaluated the latest developments in the Turkish auto sector for members of the press. (more…)

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Government considers incentives for old vehicles, officials say

Posted by meb at September 14th, 2009

Following the end of extended tax reductions for motor vehicles on Sept. 30, the government is expecting to keep the lights on at the Turkish automotive industry with a different version of incentives.

Speaking to the Anatolia news agency, officials from the Finance Ministry said the government could introduce incentives for the replacement of old vehicles with new ones. Having initially introduced tax cuts on motor vehicles on March 16 for a period of three months, the government decided to extend the terms for another three months on June 15. The private consumption tax (ÖTV) on motor vehicles with engines of up to 1,600 cubic centimeters was set at 27 percent, while the tax on commercial vehicles was changed to 3 percent. Extended for a second time, the tax incentives are due to expire at the end of September.

Noting that they have studied examples of incentives for old vehicles in foreign markets, the Finance Ministry officials said the government could consider introducing such incentives in the coming months, expecting to keep the recovery going in the auto industry. Encouraged by recent tax cuts, the Turkish auto sector has enjoyed a remarkable increase in sales. (more…)

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Turkish Airlines to purchase five new Boeing 777-300ER aircraft

Posted by meb at March 25th, 2009

Turkey’s flag carrier Turkish Airlines (THY) will purchase five new Boeing 777-300ER aircraft, the company said in a statement issued to the Istanbul Stock Exchange on Wednesday.

The aircraft will be delivered one a month starting from October 2010 through to February 2011, the company said. (more…)

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