The domestic joint venture group to produce the domestic automobile will be announced at a ceremony held on Thursday in Presidential Complex with President Recep Tayyip Erdoğan in attendance, according to a report by Turkish daily Hürriyet.

The ceremony will be hosted by President Erdoğan is planned to be held with a broad participation and the domestic joint venture group, formed by Union of Chambers and Commodity Exchanges of Turkey (TOBB) to produce domestic automobiles, will be announced. It was reported that the joint venture group consists of more than three companies.

TOBB's domestic automobile initiative started with a dialogue between TOBB President Rifat Hisarcıklıoğlu and President Recep Tayyip Erdoğan at the 73rd Ordinary General Assembly of TOBB in May.

During his speech, Erdoğan repeated his call for indigenous automobiles. "I have a proposition. I long for it as a child of this nation. Let's manufacture this 100 percent domestic automobile from within the TOBB community," President Erdoğan continued. "TOBB should manufacture the 100 percent domestic automobile as "Made in Turkey." Following the general assembly meeting, Science, Industry and Technology Minister Faruk Özlü and TOBB President Hisarcıklıoğlu held one-to-one talks with a number of firms. After several rounds of talks, the firms to form the joint venture were identified.