Tofas rises after manufacturing deal with Stellantis Europe

Tofas Turk Otomobil Fabrikasi

05/11/2024 10:07

** Shares in Tofas  TOASO.IS  rise around 3% after the
Turkish carmaker signed vehicle manufacturing deal with
Stellantis Europe 
    ** Under the deal Tofas will produce the new "K0" light
commercial vehicle and "combi" versions on multi-energy
platforms for Stellantis brands in Turkey, targeting production
of 1 million vehicles by 2032 with an estimated investment of up
to 232 million euros 
    ** Serhat Baskurt from ALB Yatirim expects the production
agreement with Stellantis to fill the gap after it stopped
making Fiat's Doblo
    ** "With this agreement and the recent weak financials, the
market appears to be pricing in that the worst is now behind.
Most of the investment has already been made, and this should
positively impact 2025," Baskurt says
    ** Q3 net profit dropped to 312.0 million lira vs 2.94
billion lira year ago and co cut its 2024 export and production
target for 2024, while hiking local sales target
    ** The stock is second best performer on BIST-100 index
 .XU100 , which is down 0.03%
    

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))