Volkswagen pauses $1.4 billion investment in Turkey

Volkswagen pauses $1.4 billion investment in Turkey

PanARMENIAN.Net - Volkswagen has paused a planned $1.4 billion investment in Turkey as a result of the country's military offensive in Syria, CNN reports.

The world's largest carmaker, which operates 122 production plants around the world, had been preparing to take a final decision on a factory planned for Turkey's western Manisa province.

"The decision for the new plant was adjourned by the board of management of Volkswagen AG," the company said in a statement. "We are monitoring the situation carefully and are worried about the current developments."

The €1.3 billion ($1.4 billion) plant was reportedly slated to produce the Volkswagen (VLKAF) Passat and Skoda Superb.

Volkswagen Group already has one factory in Turkey, which produces commercial vehicles for its MAN subsidiary.

Turkey launched an invasion last week of territory in Northern Syria controlled by the Kurds, an ethnic minority long allied with the United States that played a major role in the fight against ISIS.

 Top stories
The House of Representatives overwhelmingly voted Tuesday, October 29 to officially recognize the Armenian Genocide.
French actor of Armenian descent Charles Gérard died September 19 at the age of 96, Figaro reports.
Archaeological relics related to the Kingdom of Urartu (860 BC – 590 BC) has recently been found in Anaqizli mount.
Work will be performed in Alexandria, Virginia and Azerbaijan, and is expected to be completed in September 2020.
Partner news