Volkswagen liquidates Turkey company after suspending operations
German automobile giant Volkswagen liquidated their unit in Turkey as part of measures taken against the COVID-19 crisis, Bloomberg Turkey reported on Dec. 29. The company had said in July that they were suspending operations in the western Manisa province.
German automobile giant Volkswagen is liquidating its Turkish company, established in October 2019 with 943.5 million Turkish Liras in capital, Bloomberg Turkey reported on Dec. 29.
The company had suspended operations in Turkey's Manisa as part of fiscal measures aimed at weathering the COVID-19 crisis, they said in a July statement.
"We will need at least two to three years to recover from the impact of the pandemic," the company said in the same statement.
Although the auto giant said they would suspend investing in new manufacturing facilities in July, expansion of the company's factory in Slovakia was reported in November.