ISTANBUL -- Capitalizing on the depreciation of the lira, automakers operating in Turkey are stepping up exports to offset weak domestic demand.
Ford Otosan, set up jointly by Ford Motor of the U.S. and Koc Holding, a leading industrial conglomerate in Turkey, began production of the Courier commercial vehicle at its plant in Yenikoy, in the western part of the country, in March. The new plant was built at a cost of $511 million and is capable of producing 110,000 units per year for export to 46 countries, including members of the European Union and nations in the Middle East and Africa.