ISTANBUL (Reuters) -- Turkish carmaker Tofas which makes the Fiat Doblo light commercial van, said it would need to spend an extra $100 million to export it to the United States, but the investment was unwarranted for now.
Ali Pandir, CEO of Tofas, a joint venture of local conglomerate Koc Holding and Italian carmaker Fiat, said with annual sales of just 15,000 the size of the U.S. light commercial vehicle market was too small, according to the Milliyet Turkish daily newspaper.
Pandir said feasibility work on the export of the car to the United States had begun, but Tofas would now wait to see how the market develops.
"We need to invest an extra $100 million for the export of the new Fiat Doblo to the United States ... U.S. light commercial vehicles sales are around 15,000 annually. Investment is not feasible for a market of such small size," Milliyet quoted Pandir as saying.
A spokeswoman for Tofas said feasibility studies were still continuing but she declined to comment on the article.