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March 14, 2022 11:03 AM

Ford will sell Romanian plant to Turkish JV

Ford Transit vans will be built at the Craiova plant

Reuters
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    ISTANBUL -- Ford Motor's Turkish joint venture will buy Ford's Craiova plant in Romania for 575 million euros ($630 million).

    Ford Otosan was already set to boost annual production capacity to 650,000 from 455,000 with a 2 billion-euro ($2.2 billion) investment plan, with production of the next Transit Custom van staring next year along with a version for Volkswagen.

    The output will eventually rise to 900,000 units per year with the addition of Craiova into the joint venture.

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    Ford Otosan will begin output of the new Transit Custom van in Turkey starting in 2023, including full-electric and hybrid variants along with the combustion-engined version.

    The joint venture will also build a version for Volkswagen, badged as the Transporter, as part of a strategic alliance between the two companies. 

    Ford will move output of the new Transit Courier and Tourneo Courier vans to Craiova from Turkey in 2023, with all-electric versions coming in 2024. The Craiova plant currently produces Puma and EcoSport passenger cars.

    Ford Otosan will likely finance the Craiova acquisition with bank loans, CEO Haydar Yenigun told a press conference on Monday. The transaction is expected to be completed in the third quarter pending a regulatory review.

    Ford on Monday also announced plans, together with Korean battery maker SK On and Koc Holding, to form a joint venture to produce EV batteries in Turkey.

    Bloomberg contributed to this report

    Related Article
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    Turkey presents prototypes in $3.7 billion car project
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