Turkey’s Automobile Initiative Group (TOGG) and Chinese battery giant Farasis will establish a plant in the Marmara province of Bursa’s Gemlik district, Industry and Technology Minister Mustafa Varank has said.
The plant, which is going to be the first car battery factory in Turkey, will provide jobs to 2,200 people, including 400 highly-qualified employees, he said on Dec. 18.
“It’s a huge step for our automotive industry, which has a production capacity of 2 million and makes exports more than $30 billion.
SiRo, a joint venture of TOGG and Farasis, will produce 15 gigawatt/hour battery cells and modules,” said Varank.
Farasis will supply TOGG the key part of Turkey’s $2.8 billion endeavor to produce its own automobile brand. A delegation of TOGG and Farasis presented investment plans to President Recep Tayyip Erdoğan and Varank in October. TOGG chair Rifat Hisarcıklıoğlu, who is also the president of Turkey’s Union of Chambers and Commodity Exchanges (TOBB), and Farasis founder Keith Kepler led the delegation.
The new company is named after the historical Silk Road. The Belt and Road Initiative, formerly known as One Belt One Road, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 70 countries and international organizations.
The battery plant project will be supported by the Turkish government, according to a presidential decree
published in the Official Gazette on Dec. 18.
The total fixed investment amount...
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