Tofas and Renault car production drops in Turkey

Business Materials 20 May 2015 17:28 (UTC +04:00)

Baku, Azerbaijan, May 20

By Rufiz Hafizoglu - Trend:

The production of Tofas and Renault cars greatly reduced as a result of the strike of employees of the companies in Turkey, Kanal7 TV channel reported May 20.

Earlier, 290 Renault cars and 230 Tofas cars were assembled during one shift in Turkey.
Some 5,000 Renault cars and more than 3,000 Tofas cars were not assembled in Turkey for five days.

Earlier, it was reported that Turkish Tofas announced on May 18 about reducing the cost of its shares by 4.42 percent.

The strike of the company's employees in the province of Bursa provoked a decrease in the cost of Tofas's shares, Turkish media reported.

The company's employees dissatisfaction with wages caused the strike. The number of strikers reached 4,500 people.

Tofas company steadily ranks second among Turkish carmakers after OYAK-Renault. Tofas was founded in 1968 by Kos local holding with the Italian FIAT company. At present, it owns 41.5 percent of the company's shares. Tofas car assembling was launched in 1971 with FIAT 124 model. It was named as Serce.

Kos and FIAT signed a cooperation agreement for 29 more years. It envisages the assimilation of Turkey's assembling of new FIAT models. First, the new cargo and passenger FIAT Doblo was produced. It is exported to Italy and Western Europe.

The company also continues producing old models of Sahin and Dogan sedans, as well as Kartal wagon, which are FIAT 131 modifications.

Turkey ranks sixth in the car production in Europe.

Edited by CN


follow the author on Twitter: @rhafizoglu