Fiat's Turkish joint venture plans to start manufacturing a new passenger car in the second half of 2015, according to a statement to the Istanbul Stock Exchange.
Istanbul-based Tofas also will invest $520 million to more than double production to 580,000 vehicles by 2023 from 256,428 in 2012.
Tofas, in which Fiat and Turkish conglomerate Koc Holding each own 38 percent, plans to export a third of the total 2023 production, the company said on Oct. 25.
The compact car is set to go on sale after 2015. It will replace the Fiat Linea, which has been built by Tofas at its plant in Bursa, northwest Turkey, since 2007. Tofas also produces the Fiat Albea, Doblo and Fiorino; Citroen Nemo; Peugeot Bipper; and Opel/Vauxhall Combo in Bursa.
Tofas ranks third in the Turkish passenger car market with a share of 8.4 percent, according to a presentation on its Web site.
Bloomberg contributed to this report
