Turkish automaker Ford Otosan is temporarily shutting down its Golcuk, Yenikoy, and Eskisehir plans for scheduled maintenance. The annual shut down is scheduled to begin on July 30, 2020, with a planned operational restart on August 13 for Yenikoy and Eskisehir plants followed by Golcuk by August 15.
Ford Otosan announced a loan agreement of $150mn with the International Finance Corporation (IFC) wherein the six-year loan has a two-year grace period to finance vehicle development and production facility investments to modernize equipment.
In Q1 2020 Ford Otosan sold 81,508 vehicles of which 66,540 units were exported and 14,968 units were for domestic wholesale. Production declined by 18pc at 80,352 units compared to the same quarter a year ago. The company has a 10pc domestic retail market share and its plants ran at a capacity utilization rate of 71pc in Q1 2020.