Hyundai, the South Korean car manufacturer, plans to increase its position in Turkey. $500 million will be invested to start the production of a new model and increase the capacity at its Izmit plant.
2,000 new jobs will be created from this investment, said Ali Kibar, Hyundai Assan President, adding that the new vehicles produced will be exported in Russia, Central Asia, Middle East and North Africa. Car sales in Turkey have surged in 2010, with vehicle sales for 2011 forecasted to break the 1 million barrier.
