October 2, 2019 / 9:42 AM / a month ago

Volkswagen formally registers unit in Turkey

ISTANBUL, Oct 2 (Reuters) - Volkswagen has established a subsidiary in Turkey’s western Manisa province, the country’s Trade Registry Gazette showed on Wednesday, adding that the unit will focus on designing, producing and assembling automobiles and trucks.

The unit will have 943.5 million lira ($164.21 million) capital and the parent company had paid a quarter of that amount, the gazette said. The remainder will be paid in the next two years.

A board member of the German carmaker told reporters last week in Berlin that the company is nearing a decision on building a new plant in Turkey. ($1 = 5.7456 liras) (Reporting by Can Sezer and Ezgi Erkoyun; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer)

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