Cooperating for almost 50 years with Turkey's Oyak, French automotive producer Renault declared in a statement yesterday that they will continue to carry on their manufacturing and distribution operations in Turkey without any change in its plans following recent fluctuations in exchange rates.

One of the outstanding actors in the world automotive industry, the Renault confirmed once more its trust in Turkey by recently renewing its long-term shareholder agreement with the Turkey's Oyak Group.

Süleyman Savaş Erdem, the general manager of Oyak, and Thierry Bollore, the chief operating officer of Renault Group, inked the agreement in France to extend their partnership for another 27 years in late June. The signed deal aimed to cover industrial and commercial activities and common goals of both parties in Turkey.

"With more than 7,000 employees, Oyak Renault in Bursa is a major industrial operation delivering passenger cars to both local and export markets and making a great contribution to Turkey's economy with record numbers of vehicle and engine production," Renault's statement read. "Through Renault-MAIS that carries out the sales and marketing activities of the partnership, Turkey is ranked within the top 10 countries in Renault Group's global ranking with a leading 19.4 percent market share in the first half of 2018."

Renault Group Senior Vice President Nicolas Maure, chairman of the Eurasia region, said in the statement that they are closely monitoring the recent financial situation in Turkey.

"Our harmonious partnership with Oyak Group dates back to almost a half century ago. We strongly believe in the dynamism of both the Turkish economy and its automotive market, therefore we recently signed a new shareholder agreement extending our partnership with Oyak for a new term of 27 years. This renovation is the most important proof of our trust in the country. Turkey is a very important country for us. Oyak Renault facilities located in the city of Bursa are strongly contributing to the Group's success in Turkey and Europe and are among the outstanding production centers of the group in terms of quality and performance. We will keep developing new projects for Renault, the leading brand of the Turkish market," he said.

During his speech at the signing ceremony in June, the chief operating officer of Renault Group, Bollore said the renewal of the agreement opens a new page in the company's history in Turkey.

"Turkey is Renault Group's sixth largest global market and we rank first in passenger car exports in Turkey," he added.

Also speaking at the ceremony, Erdem said Oyak-Renault joint venture is in the first place in automobile exports with 288,000 units.

Meanwhile, it was reported in July that Renault was preparing to make Turkey a hybrid vehicle base and that the first hybrid engine of the French brand will be produced at the plant in Bursa. The hybrid engine will be used in the fifth generation of the Clio model produced in Bursa. Oyak Renault received a TL 493 million ($73.8 million) incentive for hybrid car investment under the Project Based Incentive System announced by the President Recep Tayyip Erdoğan in April.