Hyundai to Hike Output in Turkey

Hyundai Assan Otomotiv AS, the Turkish joint venture of Hyundai Motor Co. and Turkish conglomerate Kibar Holding AS, will invest $600 million to double annual capacity to 200,000 vehicles by 2013.

Exports, which include the Hyundai i20 subcompact, account for 70% of the output at the venture's plant in Izmit in western Turkey. Hyundai Assan aims to be the domestic market leader in the A and B segments.

The factory will add production of the i10 city car next year. Hyundai Assan expects annual revenue from exports will exceed $2 billion when the expansion is completed.