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Hyundai Motor Co. seeks to raise its stake in its 230,000-unit-a-year plant in Izmit, Turkey to 97 percent by acquiring a 27 percent stake held by Kibar Holding.
The South Korean carmaker holds a 70 percent stake in the plant, and Kibar owns the remaining 30 percent.
Early this month, Hyundai Motor submitted documents to the Turkish authorities to buy most of Kibar's stake in its local factory.
Hyundai produces compact models in Turkey, such as the i10 and i20, which it mostly exported to Europe.
Hyundai will also invest US$208 million in the Turkey plant to meet the growing demand for electrified vehicles.
Beginning in 2030, Hyundai will gradually shift its EV lineup forward in key markets, such as the US, Europe, and China.
Hyundai expects EV sales to rise further due to stringent regulations on carbon dioxide emissions, particularly in Europe.
The company will maintain an internal combustion engine vehicle (ICE) production capacity in emerging markets, such as India and Russia, but will be limited to less than 50 percent.
Hyundai has seven plants in South Korea and 10 overseas, with four in China and one in the US, the Czech Republic, Russia, India, Brazil, and Turkey, with a combined production capacity reaching 5.5 million vehicles.
