Fiat Venture to Add Another Model in Turkey

Tofas, the Turkish venture between Fiat SpA and Koc Holding AS, says it plans to begin making an unspecified new car in the second half of 2015.

The venture also expects to invest $520 million to expand its overall annual output at its factory in Bursa to 580,000 vehicles by 2023. The company intends to export one-third of its output, mainly to Europe.

Tofas currently makes four Fiat models: the Albea small sedan, Doblo and Fiorino MPVs and Linea midsize sedan. The venture also assembles cars for PSA and Opel.