Turkish automotive manufacturer Oyak Renault, a joint venture between financial services company Oyak and France's Renault, plans to build a new plant in the northwestern Turkish province of Bursa.
The project, with a fixed investment of more than 100 million euros ($115.3 million), will help cut Turkey's current account gap by $2.3 billion a year.
Oyak Renault said that the factory is the keystone of the production facility for next-generation hybrid vehicles as spurred by government incentives.
The company will continue its ongoing investments in Turkey and will lay the foundation for a new injection factory in Bursa on October 19.