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[BURSA] French carmaker Renault's Turkish unit Oyak-Renault will begin production of the Megane sedan model with a 200 million euro (S$305.57 million) investment, the unit's general manager told reporters on Wednesday.
The Istanbul-based company targets total production of 500,000 sedans, with an annual capacity of 90,000, and will export 80 per cent of the vehicles, manager Tunc Basegmez said at Oyak-Renault's factory in the northwest city of Bursa.
The company is 51 per cent owned by Renault and 49 per cent owned by Oyak, the Turkish military's pension fund.