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Turkish automotive manufacturer Tofas has finalized a production agreement with European automaker Stellantis that foresees an investment of up to €256 million ($301.22 million), the company announced on Monday.
The project, based on a preliminary agreement signed in April, is scheduled to start in the third quarter of 2026 and will establish an annual production capacity of 150,000 vehicles, including completely knocked-down (CKD) units.
Under the deal, Tofas will produce the "K9" model light commercial vehicle and its "Combi" version on a multi-energy platform for Stellantis brands, granting Tofas both the production and distribution rights in Türkiye.
Once investment activities are completed, Tofas aims to manufacture about 660,000 vehicles—excluding CKD units—by the end of 2034, with around 80% intended for the domestic market.
The new agreement follows Tofas’ acquisition in April of Stellantis’ 37.8% stake in the company for €400 million. Through this transaction, Tofas also took over the import and distribution rights in Türkiye for Peugeot, Citroen, Opel, and DS Automobiles.
These brands joined its existing portfolio, which already included FIAT, FIAT Professional, Alfa Romeo, Jeep, and Maserati.
The Bursa-based company, founded in 1968 and majority-owned by Koc Holding, currently operates a large-scale facility with an annual production capacity of 450,000 vehicles and employs more than 10,000 people. With the new contract, Tofas has also outlined plans to produce over one million vehicles by 2032.
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