Ford Automotive Will Receive Project Based Government Aid

ford automotive to receive project-based state aid
ford automotive to receive project-based state aid

Ford Otomotiv Sanayi A.Ş. will receive project-based state aid.

In the statement made to the Public Disclosure Platform (KAP), the following information was shared: “Within the scope of the preliminary studies carried out by our company for the projected product diversification and expansion investments related to the long-term New Generation Commercial Vehicle Projects, which are still in the Kocaeli Plants campus, feasibility studies and contract processes are ongoing. The application for incentives was approved and the granting of project-based state aid for the aforementioned investments was accepted by the Presidency decision numbered 04.12.2020 published in the Official Gazette dated 31324 and numbered 3273. The approved incentive foresees that 2026 TL will be spent until the middle of 20.501.205.701 within the scope of the projects, an additional 3.000 people will be employed, the current production capacity will be increased from 440.000 to 650.000 units, and a 130 battery assembly facility will be established. Incentives provided within this scope are as follows: VAT exemption and refund, customs tax exemption, corporate tax reduction (tax reduction rate: 100%, investment contribution rate: 100%, the rate of investment contribution amount that can be used during the investment period: 100%), insurance premium employer's share support (10 years without maximum amount limit), income tax withholding support (10 years), qualified personnel support (maximum 250.000.000 TL), energy support (energy consumption not to exceed 10 TL up to 200.000.000 years from the date of operation investment area allocation (in Kocaeli). As the studies on the investment and our negotiations with Ford Motor Company are ongoing, the board of directors has not taken a decision on the subject yet, and following the completion of the evaluation processes regarding the foreseen investments, the necessary explanations will be made in accordance with the Special Conditions Communiqué of the Capital Markets Board for important developments.

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