Wireless carrier giant Turkcell, one of the five companies taking part in the production of Turkey's first domestically manufactured automobile, announced Friday, that the incorporation and registration procedures of Turkey's Automobile Joint Initiative Group were completed.
A statement made to the Public Disclosure Platform (KAP) by the Turkcell İletişim Hizmetleri A.Ş. said: "With reference to our announcement dated November 2, 2017, and following the work undertaken by joint initiative group, in which our company is a party, the incorporation and registration procedures of "Turkey's Automobile Joint Initiative Group Industry and Trade Inc.," which is established primarily to produce an electric passenger car and to carry out supporting activities within the framework of Turkey's Automobile Project, have been completed. Our company participates as a founding partner with 19 percent shareholding in the respective company."
The partnership agreement to create Turkey's first indigenous car brand was signed on May 31, according to a statement from partner companies on Saturday.
The manufacturing company was named Turkey's Automobile Initiative Group.
Five local firms - Anadolu Group, BMC, Kök Group, Turkcell and Zorlu Holding with 19 percent of shares each- and the Union of Chambers and Commodity Exchanges of Turkey (TOBB) with 5 percent of shares will jointly lead the firm.
Mehmet Gürcan Karakaş, one of the top global executives in technology giant Bosch and a successful Turkish manager in the global automotive market, was appointed as the CEO.
The initiative came after repeated calls from President Erdoğan for a joint car project by TOBB and the Science, Industry and Technology Ministry.
Last November, President Erdoğan announced that the prototype of the first domestically produced car - expected to be produced in Ankara - would be ready in 2019 and enter the market in 2021.
"I want to own the first automobile, provided that I will pay for it. No one should hesitate. We will produce Turkey's car with the best design and technology, both for our country and the world," Erdoğan said in November. The president praised efforts to ensure that the mass production of the first indigenous automobile would be either electric or hybrid.
Turkey attempted to produce its first domestically produced car in 1961, the Devrim (Revolution), which was unsuccessful after production and was halted following the first prototypes.