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Turkey unveils first fully homemade car in $3.7 billion bet on electric

Turkey unveils first fully homemade car in $3.7 billion bet on electric

3 MIN READ

ISTANBUL (Reuters) – Turkey unveiled its first fully domestically-produced car on Friday, saying it aimed to eventually produce up to 175,000 a year of the electric vehicle in a project expected to cost 22 billion lira ($3.7 billion) over 13 years.

Erdogan drives a prototype of the electric car, in Gebze, Turkey via AP

The project has been a long-time goal of President Tayyip Erdogan and his ruling AK Party as a demonstration of the country’s growing economic power.

Speaking at the unveiling ceremony, Erdogan said Turkey aimed not only to sell the car domestically but also wanted it to become a global brand, starting with Europe.

“We’re all together witnessing Turkey’s 60-year-old dream become reality,” he said, referring to failed plans in the past to build a fully home-produced car. “When we see this car on roads around the whole world, we will have reached our goal.”

Following his speech, a red SUV model of the car and another grey sedan one were raised onto the stage, sporting the TOGG label of the consortium that is building them.

Erdogan said the charging infrastructure for electric cars would be ready nationwide by 2022.

Turkey is already a big exporter to Europe of cars made domestically by firms such as Ford (F.N), Fiat Chrysler (FCHA.MI), Renault (RENA.PA), Toyota (7203.T) and Hyundai (005380.KS).

The new project, launched in October, will receive state support such as tax breaks, and establish a production facility in the automotive hub of Bursa in northwest Turkey, according to a presidential decision in the country’s Official Gazette.

Five models of the car will be produced, the statement said, adding the government had guaranteed to buy 30,000 of the vehicles by 2035.

Erdogan first revealed plans in November 2017 here to launch a car made entirely in Turkey by 2021.

The consortium, called Turkey’s Automobile Initiative Group (TOGG), was established in mid 2018 by five industrial groups: Anadolu Group, BMC, Kok Group, mobile phone operator Turkcell (TCELL.IS) and Zorlu Holding, the parent of TV maker Vestel (VESTL.IS).

TOGG’s CEO is former Bosch executive Gurcan Karakas and its chief operating officer is Sergio Rocha, former General Motors Korea chief executive. It said it would begin production in 2022 with compact SUVs.

In October, Volkswagen (VOWG_p.DE) said it had postponed a final decision on whether to build a car plant in Turkey amid international criticism of an October Turkish military operation in Syria.

($1 = 5.9339 liras)

Additional reporting by Ebru Tuncay; Writing by Daren Butler and Ali Kucukgocmen; Editing by Jonathan Spicer and Mark Potter

NewsWire of Reuters and Picture by AP not changed or edited by World Auto Forum

Nissan picks Sakamoto as board candidate after Seki’s resignation

Nissan picks Sakamoto as board candidate after Seki’s resignation

TOKYO (Reuters) – Nissan Motor Co (7201.T) has selected executive officer Hideyuki Sakamoto as a candidate for the board of directors, the company said on Friday, following the surprise resignation of vice-chief operating officer Jun Seki earlier this week.

Sakamoto, who was named an executive officer in June and has been an executive vice president since 2014, is responsible for manufacturing and supply chain management at Japan’s No. 2 automaker. Nissan will hold an extraordinary shareholder meeting on Feb. 18, where his appointment will be among proposals submitted for approval, it said in a press release.

The carmaker did not say whether Sakamoto would take on Seki’s responsibilities.

Nissan needs stability as it braces for its worst annual profit in 11 years amid slumping sales in the United States and China, its biggest markets. The company is also working to repair ties with top shareholder and alliance partner Renault SA (RENA.PA), which deteriorated following the ouster of joint chairman Carlos Ghosn a year ago.

Tesla secures $1.29 billion loan from Chinese banks for Shanghai factory

Tesla secures $1.29 billion loan from Chinese banks for Shanghai factory

(Reuters) – Tesla Inc entered into agreements with lenders in China for a secured term loan facility of up to 9 billion yuan ($1.29 billion), according to a regulatory filing on Thursday.

The electric car maker said it has also signed agreements for an unsecured revolving loan facility of up to 2.25 billion yuan, adding that both the loans will be used for its Shanghai car plant. (bit.ly/2tU35dI)

China Construction Bank Corp, Agricultural Bank of China, Shanghai Pudong Development Bank and Industrial and Commercial Bank of China are the lenders, according to the filing.

Besides construction and production at the Shanghai factory, the loan may also be used to repay the 3.5 billion yuan debt due to be repaid on March 4 next year.

The factory, which is Tesla’s first car manufacturing site outside the United States, is the centerpiece of its ambitions to boost sales in the world’s biggest auto market and avoid higher import tariffs imposed on U.S.-made cars.

Reuters reported earlier this week that Tesla and a group of China banks had agreed to a new 10 billion yuan, five-year loan facility for the automaker’s Shanghai car plant, citing sources familiar with the matter.

Reporting by Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta

NewsWire of Reuters not changed or edited by World Auto Forum

S Muralidharan President Lucas Indian Service inducted at Global Hall of Fame at World Auto Forum

S Muralidharan President Lucas Indian Service inducted at Global Hall of Fame at World Auto Forum

S Muralidharan President Lucas Indian Service inducted at Global Hall of Fame at World Auto Forum for his contributions to Automotive Eco System at India & the World

The Ceremony was held as part of the 5th IVASS-  India Vehicle After Sales Summit at NCR- Delhi recently. There were Auto Maker After Sales Heads, their teams & Dealers, Independent Garage Owners, Parts Makers, Distributors, Service Providers, Shared Mobility Providers, Telematics Co and IT Geeks in the Room.

Mr. S Muralidharan is a doyen of the Auto Industry with decades of experience of building organisations, leading teams and grooming leaders.

He has one of the best education the country or the world can offer. He attended Loyola School Jamshedpur, IIT Kharagpur and IIM Bangalore.

He has worked with Bosch Karlsruhe Germany where he grew the European aftermarket for the Brakes business. He was the regional president & board member for Bosch India.

He has also worked as the Executive Director at Frost & Sullivan.

Currently leading the 89 Years Young Company Lucas Indian Service ( LIS) as President.  LIS has 550 Service Dealerships and 15000 Retailers in the Country.

World Auto Forum is privileged and proud to induct S Muralidharan to the Global Hall of Fame at WAF for his immense contributions to the Auto Eco System at India and the World!

Anuj Guglani CEO WAF

 

S Muralidharan President Lucas Indian Service

 

L To R : Rishabh Suri, Shell India, Pranshu Gupta, CEO, Trak N Tell, Saurav Arora, CEO Indian Auto Company, S Muralidharan President LIS

 

Global Hall of Fame Ceremony Video at WAF TV 

 

High res Pics for Printing can be downloaded from here

 

Mr S Muralidharan had also given a fantastic Key Note address at 5th IVASS India Vehicle After Sales Summit titled “Opportunities in the Supposed Slowdown” which can be watched here :

 

 

 

Anand Mahindra Leaves Behind An Incomparable Legacy | The Auto World This Week

 

World Auto Forum connects the Auto Industry in 125 Countries. WAF gets you the important auto stories of the week from India and round the world!

INDIA AUTO NEWS

A doyen of Indian industry, Anand Mahindra leaves behind a hard to match legacy

Hyundai Aura compact sedan revealed



Discussion on Evolving Role of After Sales Service in Automotive Slowdown : Customer Experience, SOP, Team, Profitability. Watch Now!

 

Tata Nexon EV revealed ahead of early 2020 launch



WORLD AUTO NEWS

Caring from far away: The robot that transmits touch

Japan’s Toyota Motor Corp thinks they can, if they are equipped to mimic the touch and actions of a carer located far away.

Toyota’s latest humanoid robot, T-HR3, demonstrated at Tokyo’s International Robot Exhibition, is controlled remotely by a human operator. Read Full Story

Auto Cos criticize France’s SUV tax hike

Under a law adopted by the French parliament, cars emitting Co2 above a certain threshold will be subject to a 20,000 euros ($22,240) penalty in 2020, higher than the existing 12,500 euros.

At the same time, the govt is considering reducing cash incentives for electric cars. Read Full Story

Mitsubishi, NTT to buy 30% stake in digital mapping company Here Technologies

Digital mapping company Here Technologies sold a 30 percent stake to Mitsubishi Corp. and Nippon Telegraph and Telephone Corp., diluting German automakers’ stake to 54 percent amid uncertainty about the profit potential from autonomous cars. Read Full Story

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Dongfeng and PSA extend joint venture despite stake sale to smooth mega-merger

Dongfeng and PSA extend joint venture despite stake sale to smooth mega-merger

BEIJING/PARIS (Reuters) – China’s Dongfeng Motor Group (0489.HK) and Peugeot maker PSA (PEUP.PA) are extending their business cooperation, despite the Chinese company reducing its stake in PSA to help smooth the French carmaker’s merger with Fiat Chrysler Automobiles (FCA).

Dongfeng said on Thursday it had agreed with PSA to extend the duration of their joint venture Dongfeng Peugeot Citroen Automobiles (DPCA).

Under the deal, the venture could get the rights to PSA’s new brands in China and will benefit from new technologies and intellectual properties, the Chinese company said.

Continue reading “Dongfeng and PSA extend joint venture despite stake sale to smooth mega-merger”

China’s Great Wall revs up for India as rivals hit the brakes

China’s Great Wall revs up for India as rivals hit the brakes

NEW DELHI (Reuters) – Chinese automakers Great Wall Motor and Changan Automobile are accelerating plans to build cars in India after the initial success of rival SAIC Motor in one of the world’s biggest markets, three sources said.

Great Wall, one of the biggest sellers of sports-utility vehicles (SUV) in China, expects to secure a production site in the first half of 2020, likely a General Motors plant in Maharashtra, a source familiar with Great Wall’s plans said.

Continue reading “China’s Great Wall revs up for India as rivals hit the brakes”

Mahindra announces top management succession plans

Mahindra announces top management succession plans

Mumbai, 20th December 2019 : Over the next fifteen months, a number of key leaders at Mahindra & Mahindra Ltd. will be retiring. In light of that, and in pursuance of the highest standards of corporate governance, over the past one year the Governance, Nomination & Remuneration Committee (GNRC) of the Board has completed a structured and rigorous review of top management succession, which has now been ratified by the Board of Directors. These changes include the following:

Continue reading “Mahindra announces top management succession plans”

5th IVASS India Vehicle After Sales Summit is well Attended and a Clear Action Plan Laid out

5th IVASS India Vehicle After Sales Summit is well Attended and a Clear Action Plan Laid out

by World Auto Forum Editorial Team 

World Auto Forum organised the 5th IVASS – India Vehicle After Sales Summit on Sat 14 Dec 2019 at Radisson Gurugram Udyog Vihar.

Top After Sales Heads & Teams from Hyundai Motor India, Fiat Chrysler India, TVS Motor Co, Hero MotoCorp, Tata Motors CVBU and PVBU, their Dealers and Suppliers in the room

Continue reading “5th IVASS India Vehicle After Sales Summit is well Attended and a Clear Action Plan Laid out”

Uber Driver Finds Xcent Better Than Dzire | The Auto World This Week

World Auto Forum connects the Auto Industry in 125 Countries. WAF gets you the important auto stories of the week from India and round the world!

INDIA AUTO NEWS

 

Hyundai India evaluating launch of fuel cell electric vehicles. 

 

Maruti Suzuki recalls 63,493 units of Ciaz, Ertiga and XL6 variants



 

The Legacy of IVASS – India Vehicle After Sales Summit

In a Week’s time, Top After Sales Gurus shall once again converge at World Auto Forum. Watch them in Action last 4 Years! 

 

 

Industry Stalwart, S N Barman moves on from Tata Motors



WORLD AUTO NEWS

 

 

United Auto Workers union names reformer Gamble president until 2022

The United Auto Workers international executive board on Thursday named acting president Rory Gamble to head the union until June 2022 as he pledged a series of reforms following a criminal investigation into illegal payoffs that has rocked the union.
Read Full Story.

 

Billionaire Lawrence Stroll seeks big stake in Aston Martin: report

Canadian billionaire Lawrence Stroll, owner of Formula One team Racing Point, is preparing a bid for a major stake in Aston Martin, Autocar magazine reported, sending the luxury sports car maker’s battered shares up 17% on Thursday.
Read Full Story

 

Tesla Model X is named ‘standout performer’ in new safety crash tests

Tesla Model X has been named a ‘standout performer’ by Euro NCAP in their latest batch of safety crash tests — getting a near-perfect score for adult occupant protection.
Read Full Story

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Industry Stalwart, S N Barman moves on from Tata Motors

Industry Stalwart, S N Barman moves on from Tata Motors

By WAF Think Tank 

Mr S N Barman, the Industry Stalwart, has spent close to quarter of a century in the Automotive Industry. He is an IIT Graduate. Extremely focussed, experienced and result oriented professional.

As he moves on from Tata Motors PVBU, he leaves a great legacy behind at the organisation. He has been instrumental in the turnaround of Tata Motor PVBU. Under his aegis, products like Nexon, Harrier, Tiago & Tigor were launched which completely transformed the image and the market performance of Tata Motors in the Highly competitive Car market.

Continue reading “Industry Stalwart, S N Barman moves on from Tata Motors”

Mercedes-Benz Celebrates 25 Yrs In India | The Auto World This Week

 

World Auto Forum connects the Auto Industry in 125 Countries. WAF gets you the important auto stories of the week from India and round the world!

INDIA AUTO NEWS

 

Electric vehicle demand creation is job of vehicle manufacturers: Rajiv Bajaj

 

Simple & Sustainable Solution to Stubble Burning Problem of North India by Anuj Guglani, CEO, WAF 



 

Mr. Vijay Kalra , Executive Director & CEO of MVML and Chief of Manufacturing Operations – Automotive Sector, Mahindra & Mahindra Ltd wins Best Production Head at 7th WAF Awards 2019

An Award Ceremony Video You just Can’t Miss! Watch Now 



 

 

Mercedes-Benz celebrates 25 Years in India and 10 Years of Chakan Plant near Pune

Established in 1994, Mercedes-Benz India celebrates its 25th anniversary in India, pioneered the luxury car market in the country and boasts of more than 130 years of cutting edge innovation in the luxury automobile industry globally.

Read Full Story.



WORLD AUTO NEWS

 

 

 Russia will support car sales with $78M loan subsidies, reports say

Russia’s government plans to spend about 5 billion rubles ($78.3 million) next year on new auto loan subsidies to support stagnating car sales, Russian news agencies reported.

New-car sales in Russia are expected to fall 2.2 percent this year to 1.76 million units, according to the Association of European Businesses lobby group, amid sluggish economic growth and falling disposable incomes.

Read Full Story. 

 

MG plug-in hybrid will be exported to UK from China

SAIC Motor plans to deliver the plug-in version of the MG HS compact crossover to international markets. 

After launching in its Chinese domestic market, the vehicle will be first exported to UK and Singapore, the state-owned automaker said last week.

“It will join the EZS pure electric vehicle to speed up MG brand’s process to go global,” SAIC said.

 Read Full Story 

 

BMW, Great Wall Motor celebrate Groundbreaking Ceremony of Spotlight JV project

BMW Group and Great Wall Motor officially initiated their 50:50 joint-venture project, Spotlight Automotive marking the JV between foreign and privately-owned automakers in China

The groundbreaking ceremony a week after the JV gets govt’s Nod to produce ICE powered vehicles & conduct R&D activities for all-electric PVs. Approval not available to BEV production.

Read Full Story

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