Industry and Technology Minister Mustafa Varank said, “This plant will meet approximately 50% of the i20 production in the world. 90% of the production will be exported. "The local production rate of the i20 cars produced is over 60%."regarding the start of mass production of the i20 series car of the Hyundai factory.
Minister Varank, attended the start of new i20 series mass production ceremony at Hyundai plant located in Kocaeli, Izmit district explained that with the investments are stregtening the strategic partnership between Turkey South Korea, "this Hyundai facility we are in is the first overseas plant of Hyundai's outside of South Korea”.
Varank stated that Hyundai Assan is among the top 5 exporters in the country with an annual production capacity of approximately 240 thousand units and an export volume of 1.7 billion dollars, and gave the following information: “The production line we opened is the product of 27 months of hard work and an investment of 194 million dollars. Approximately 85 thousand i20s will be produced annually. Thus, this factory alone will meet approximately 50 % of the world's i20 production. More than 90 % of this production will be exported, mainly to Europe. The local production rate of the i20 cars produced here is over 60 %, of course, this rate will increase further over time.
South Korean Ambassador Choi Hong Ghana, declared that Hyundai, the one of the world's largest five automotive manufacturer established it’s first overseas plant in Izmit, "This plant is a symbol of economic cooperation between the two countries and contributes directly to employment expansion in Turkey and to the increase in exports. We hope Hyundai Turkey plant will make a leap with the launch of new i20 model and can’t wait to expand and enhance the economic cooperation between Korea and Turkey, " he said. Ali Kibar, Chairman of the Executive Board of Hyundai Assan, said, "The new i20 is aiming to secure its market share in the B segment with a sales projection of approximately 350 thousand units to Europe".
