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Fiat, Tofas to invest 350 million euros in Doblo, newspaper says

From Reuters| June 20,2007

Italian carmaker Fiat and its Turkish joint venture Tofas will invest 350 million euros ($470 million) in building the new Doblo van in Turkey, Hurriyet newspaper said today.

Fiat's CEO Sergio Marchionne, said last month there was a more than 50 percent probability that it would produce the new Doblo in Turkey but that talks were continuing.

"Fiat has chosen Tofas' Bursa factory for the new version of the Doblo, which Poland and India had been seeking. Tofas-Fiat will invest 350 million euros for the new Doblo," the Hurriyet article said.

Tofas is a joint venture between Fiat and Turkish conglomerate Koc Holding.

There was no immediate comment from Tofas, whose shares were unchanged at 6.25 lira.

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