Shares in Ford Otosan, a joint venture of Koç Holding, Turkey’s largest conglomerate, and U.S. automotive giant Ford, jumped 10% on Wednesday and extended gains from a day earlier when it announced a 2-billion-euro (nearly $2.4 billion) investment over the next five years.
The stock traded at TL 229.20 ($30.56) in Istanbul at 7:38 a.m. GMT.
The joint venture will manufacture new-generation commercial vehicles and batteries at its factory in Turkey.
The largest ever made in the Turkish automotive industry, the investment will make its factory in the industrial Kocaeli province Turkey’s first and only electric vehicle integrated production facility that will also manufacture batteries.
Ford Motor Co said the joint venture will also build its next version of its Transit van for the European market. The vans will go into production in Turkey in 2023 and include fully electric and hybrid variants along with the combustion-engined version.
Ford Otosan will also make a one-ton commercial vehicle for Volkswagen AG as part of an alliance between Ford and the German carmaker.