The European Bank for Reconstruction and Development (EBRD) will provide a EUR 650m loan to Koc Holding subsidiary Ford Otosan to support the production of next generation all-electric and plug-in hybrid variants of the company’s one-tonne commercial vehicles for the European market, according to a statement from the EBRD.
The financing package consists of EUR 175m provided from the EBRD’s own account and EUR 475m from other lenders within the frame of the EBRD’s A/B loan syndication structure.
“We’ll contribute to the national economy, have the opportunity to work on higher value-added advanced technology and manufacture more sustainable and high-quality products for a greener world,” said Haydar Yenigun, General Manager of Ford Otosan.
The company will gradually start manufacturing diesel, hybrid, all-electric and plug-in hybrid variants of its one-tonne Ford Transit Custom model by the first half of 2023.
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