SPY416.07+3.90 0.95%
DIA341.30+3.18 0.94%
IXIC13,950.22+163.95 1.19%

Turkey's Ford Otosan shares extend gains after investment

· 03/17/2021 03:44
Turkey's Ford Otosan shares extend gains after investment

- Shares in Ford Otosan FROTO.IS, the Turkish joint venture of Ford Motor Co F.N, jumped 10% on Wednesday and extended gains from a day earlier when it announced a 1.39 billion euro ($1.65 billion) investment over the next five years.

The stock traded at 229.20 lira in Istanbul at 0738 GMT.

Ford said the next version of its Transit van for the European market will go into production in Turkey in 2023 and include fully electric and hybrid variants along with the combustion-engined version. nL1N2LE0PU

Ford Otosan, jointly owned by the No. 2 U.S. automaker and Turkey's largest conglomerate Koc Holding KCHOL.IS, will also make a one-tonne commercial vehicle for Volkswagen AG VOWG_p.DE as part of an alliance between Ford and the German carmaker.

($1 = 0.8406 euros)

(Reporting by Berna Syuleymanoglu;
Writing by Daren Butler;
Editing by Jonathan Spicer)

((daren.butler@tr.com; +90-212-350 7053; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net))