Investment Of Tofas Approaches $3 Billion In 10-Year

Indicating, as Tofas, they had invested nearly worth $3 billion within 10 years, Omer M. Koc, head of Koc Holding, said their exports would continue to surge

The project and structural investments of Tofas in 2017 became 157 euro, in the last 10 years this investment reached by $2,8 billion, according the statement of Omer M. Koc, head of Koc Holding.

Tofas posted its “Activity Report” for 2017. In the introduction takes place in the report, evaluating report, Omer M. Koc, Chairman of Koc Holding and Tofas, said both Turkey and Tofas earned noteworthy economic successes in 2017.

Indicating the global economy had entered a widespread recovery, Omer M. Koc said the automotive sales accomplished in level of 1 million units in last 3 years in Turkey. He also added the share of the imported product market setback; records were broken in exports and production in the sector.

Market diversity rises in exports Koc marked Tofas ranked the 3rd biggest industrial establishments with nearly 10 thousand employees, wide dealer network, high R & D and product development competence. In 2017, the amount of project and structural investments accomplished as 157 million euro, in the last 10 years this figure reached by $2,8 billion.

Koc continued; Our company will also increasingly sustain its market diversity and rise in the export markets in 2018. As we secured our multi-sided contribution, we will continue featuring one of the most important players of the automotive industry both in production volume and export performance.”

Pointing out in addition to traditional production, product and technology development is not a preference, but also it has become an obligation of the companies run in the automotive sector, Omer M. Koc said Tofas has been one of the strategic production hub of Fiat Chrysler Automobiles and the group takes place the second big R & D center in Europe.

Indicating as Tofas their advantageous as a basic business understanding with their economy of scale and robust market position, rooted international partnerships and export agreements, wide sales, after-sales and service network, R & D and technology investments, productivity and nonstop development, Omer M. Koc highlighted they were ready for tomorrows with those advantages.

Rising 12 steps in R & D Cengiz Eroldu, CEO of Tofas, underlined the year 2017 would be remembered as successful year in the history of Tofas regarding the successful business results. Following 2016 when they set the historical records, and they also maintained their leadership in production in 2017 as Tofas, he said they continued the leadership in the production and entered the new year with a record once again.

Eroldu said; “Our company accomplished 23 percent of the Turkish automotive industry itself with 384 thousand unit vehicle production. Despite the domestic market constricted, the sales of brands under Tofas roof increased 12.7 percent. Tofas gained 12.8 percent of market share in 2017. Fiat brand ranked second in the total sales of automobile and light commercial vehicles with 12.6 percent to 120,049 units last year. Maintaining its firm title regarding selling in the highest rate from the domestic made for years, Tofas kept the sector leadership with 91 percent share.” Obtaining turnover of TL17,5 billion, the net profit of Tofas realized TL1 billion 283 million with 32 percent up in 2017. Eroldu said their investments in R & D were continuing to progress their company in technology. He concluded Tofas surged 12 steps in R & D in 2017.

#investment, #tofas, #automotive

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