Hyundai To Make Two New Models In Turkey

Hyundai Assan is planning to manufacture two new model as SUV and hatchback in the upcoming period, according to statement of Tamer Saka, CEO of Kibar Holding

Manufacturing of two new models are being planned at Hyundai Assan plant in the upcoming period, first a SUV model and then hatchback model.

In addition to South Korean Hyundai, having also international partnership with Posco and Daewoo, Tamer Saka, CEO of Kibar Holding announced they had been in the decision stage to manufacture a new model in the sector and it would be an off-road vehicle (SUV) model.

Over a question, whether a new model would be made at the plant currently i10 and i20 models are produced, Saka said, “There are alternatives we work on. I can tell that most probably it would be a SUV model. However timing is not still clear.”

Recording they had planned an investment for capacity increase rather than a new facility investment, Saka said the capacity utilization would rise from 245 thousand to some 300 thousand units, the plant would continue to produce for the European market.

About the next investment plans, Saka said; “We will renew i10 model in 2020. Then we will launch 5-door hatchback production.”

Saka did not inform about which SUV model would be made at the plant.

Highlighting that they had growth plans in Assan Hanil, the supplier industry partnership of Kibar Holding, Saka said, “We have agreed with a big automotive producer in Turkey. We will install a new facility next to their plant. The project will start in 2019. The facility will be producing for them.”

Assan Hanil, the OEM company of Kibar Holding in the partnership of South Korean Seoyon E-Hwa, also produces for the automotive makers such as Ford Otosan, Isuzu, Honda besides Hyundai Assan. The company also manufactures aircraft seats with THY Teknik.

Saka noted they would also look for an investment opportunity in foreign market, adding they would make a purchasing in a way to improve business for the European OEM firms in the upcoming period.

Public offering within 3-4 years

Recording public offering was a topic has been on the agenda, Saka concluded; “We have been preparing ourselves for a long time for public offering. We will look at a point where that opportunity window overlaps with our upcoming projects. I think late 2018 and beginning of 2019 can generate a window of opportunity for us.”

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