Chinese smartphone manufacturer Transsion Holding plans to invest in the construction of a new mobile phone factory in Turkey.
In the first phase of the project, Transsion Holding will invest $500 million and $2 billion to $3 billion in a facility over the next five years.
With this investment, Transsion Holding intends to expand its market base in Europe, the Turkic Republics, Russia and aims to enter the Turkish market in 2019.
Transsion Holding will significantly reduce imports at competitive prices in the upper segment mobile phone market and plans to start its factory investment in 2020.