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Turkey Unveils First Fully Homemade Car in $3.7 Billion Bet on Electric

Turkish President Erdogan poses with a prototype of the domestic electric car project in Gebze, Turkey, December 27, 2019. (Reuters)
Turkish President Erdogan poses with a prototype of the domestic electric car project in Gebze, Turkey, December 27, 2019. (Reuters)
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Turkey Unveils First Fully Homemade Car in $3.7 Billion Bet on Electric

Turkish President Erdogan poses with a prototype of the domestic electric car project in Gebze, Turkey, December 27, 2019. (Reuters)
Turkish President Erdogan poses with a prototype of the domestic electric car project in Gebze, Turkey, December 27, 2019. (Reuters)

Turkey unveiled its first fully domestically-produced car on Friday, saying it aimed to eventually produce up to 175,000 a year of the electric vehicle in a project expected to cost 22 billion lira ($3.7 billion) over 13 years.

The project has been a long-time goal of President Recep Tayyip Erdogan and his ruling AK Party as a demonstration of the country’s growing economic power.

Speaking at the unveiling ceremony, Erdogan said Turkey aimed not only to sell the car domestically but also wanted it to become a global brand, starting with Europe.

“We’re all together witnessing Turkey’s 60-year-old dream become reality,” he said, referring to failed plans in the past to build a fully home-produced car. “When we see this car on roads around the whole world, we will have reached our goal.”

Following his speech, a red SUV model of the car and another grey sedan one were raised onto the stage, sporting the TOGG label of the consortium that is building them.

Erdogan said the charging infrastructure for electric cars would be ready nationwide by 2022.

Turkey is already a big exporter to Europe of cars made domestically by firms such as Ford, Fiat Chrysler, Renault, Toyota and Hyundai.

The new project, launched in October, will receive state support such as tax breaks, and establish a production facility in the automotive hub of Bursa in northwest Turkey, according to a presidential decision in the country’s Official Gazette.

Five models of the car will be produced, the statement said, adding the government had guaranteed to buy 30,000 of the vehicles by 2035.

Erdogan first revealed plans in November 2017 here to launch a car made entirely in Turkey by 2021.

The consortium, called Turkey’s Automobile Initiative Group (TOGG), was established in mid-2018 by five industrial groups: Anadolu Group, BMC, Kok Group, mobile phone operator Turkcell and Zorlu Holding, the parent of TV maker Vestel.

TOGG’s CEO is former Bosch executive Gurcan Karakas and its chief operating officer is Sergio Rocha, former General Motors Korea chief executive. It said it would begin production in 2022 with compact SUVs.

In October, Volkswagen said it had postponed a final decision on whether to build a car plant in Turkey amid international criticism of an October Turkish military operation in Syria. ($1 = 5.9339 liras)

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Business

GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA
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GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA

Saudi Arabia’s annual inflation rate edged down to 1.7 percent in February, the lowest level since January 2025, according to data from the General Authority for Statistics (GASTAT).

The consumer price index eased from 1.8 percent in January to 1.7 percent, GASTAT said Sunday.

The data further showed that housing, water, electricity, gas, and other fuels rose 4.1 percent in February 2026, mainly driven by a 5.1 percent increase in actual housing rents.

Transport prices also climbed 1.4 percent, supported by a 5.6 percent rise in passenger transport services, while restaurant and accommodation services increased 1.9 percent due to higher accommodation costs.

Personal care, social protection and miscellaneous goods and services surged 8.2 percent, largely reflecting a jump in other personal effects, particularly jewelry and watch prices, which rose 29 percent.

According to GASTAT, prices in recreation, sport and culture climbed 1.8 percent, while education services increased 1.4 percent. As for information and communications prices, they edged up 1.1 percent.

Data showed that prices in the insurance and financial services category rose 1 percent.

As for furnishings, household equipment and routine maintenance, prices declined 0.9 percent, while prices for food and beverages, as well as clothing and footwear, remained largely stable during the period.

GASTAT said that on a monthly basis, the Consumer Price Index last month recorded relative stability compared to January 2026.

Business

Oil Hovers around $100, Stocks Mixed as Iran War Rages

An oil pump is pictured at an obsolete oilfield, with wind turbines in the background, in Sargentes de la Lora on March 13, 2026, near Burgos in northern Spain, where oil first flowed in Spain in 1964. (Photo by CESAR MANSO / AFP)
An oil pump is pictured at an obsolete oilfield, with wind turbines in the background, in Sargentes de la Lora on March 13, 2026, near Burgos in northern Spain, where oil first flowed in Spain in 1964. (Photo by CESAR MANSO / AFP)
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Oil Hovers around $100, Stocks Mixed as Iran War Rages

An oil pump is pictured at an obsolete oilfield, with wind turbines in the background, in Sargentes de la Lora on March 13, 2026, near Burgos in northern Spain, where oil first flowed in Spain in 1964. (Photo by CESAR MANSO / AFP)
An oil pump is pictured at an obsolete oilfield, with wind turbines in the background, in Sargentes de la Lora on March 13, 2026, near Burgos in northern Spain, where oil first flowed in Spain in 1964. (Photo by CESAR MANSO / AFP)

Oil prices hovered around $100 a barrel Monday and stocks fluctuated as the Iran war moved into a third week with both sides showing no sign of backing down and diplomats trying to ensure safe passage for tankers through the crucial Strait of Hormuz.

Crude shot up in the opening minutes after the US president said at the weekend that forces struck military targets on Kharg Island, a scrubby stretch of land in the Gulf that handles almost all of Iran's oil exports.

He also warned attacks could expand to energy infrastructure if the Iranian republic interferes with transit through Hormuz, which has been effectively closed since the US-Israel operations began on February 28.

Iran's Fars news agency reported soon after that no oil infrastructure was damaged in strikes.

Trump urged other countries to send warships to keep the waterway open but offered no specifics or commitments from the US side, saying he hoped China, France, Japan, South Korea and the UK would take part.

He later wrote Saturday in a Truth Social post: "The Countries of the World that receive Oil through the Hormuz Strait must take care of that passage, and we will help -- A LOT!

"This should have always been a team effort, and now it will be."

However, Japan said Monday it was "not at the moment considering issuing a maritime security operation", while Australia announced it would not send any navy ships to the region.

Trump said Tehran wanted a deal to end the fighting, but that he was not prepared to make one on current terms, without giving further details.

Iran's Foreign Minister Abbas Araghchi said his country was not interested in talks with Washington.

"We don't see any reason why we should talk with Americans, because we were talking with them when they decided to attack us," he told CBS's "Face The Nation" in an interview aired Sunday.

"There is no good experience talking with Americans," adding that "we never asked for a ceasefire, and we have never asked even for negotiation".

However, he did say he was ready to speak to countries "who want to talk to us about the safe passage of their vessels".

"I cannot mention any country in particular, but we have been approached by a number of countries" seeking such safe passage, he added.

Meanwhile, traders hoping for an early end to the conflict were left disappointed after Trump's top economics adviser Kevin Hassett said the Pentagon estimates it could take up to six weeks, though the operation was ahead of schedule.

Both main crude contracts advanced. Brent shot up around three percent to as high as $106.50 before paring the gains, while West Texas Intermediate sat around $99.

And with worries growing about a possible energy crisis that could hammer the global economy, equity markets remained under pressure.

Tokyo, Shanghai, Sydney, Seoul, Wellington, Manila and Jakarta were all down, though Hong Kong, Singapore and Taipei edged up.

"Equities may welcome any sign that Hormuz could be reopened, but with further strikes still being threatened and diplomacy still patchy, conviction is low," said Charu Chanana at Saxo Markets.

Adding to economic concerns was data showing Friday that fourth-quarter US gross domestic product expanded 0.7 percent, much slower than the initial reading of 1.4 percent.

And delayed figures showed the Federal Reserve's preferred inflation gauge dipped to 2.8 percent in January before energy prices shot higher.

"Developments over the weekend, while no more disconcerting than at the end of last week, don't offer any obvious pretext for a less pessimistic start to the new trading week," warned National Australia Bank's Ray Attrill.

Also in view this week are policy meetings at seven major central banks including the Fed, Bank of England and the European Central Bank.

While they are expected to stand pat on interest rates, any remarks on the impact of the war on their respective economies will be closely followed.

Business

Bahrain Starts to Cut Production at World’s Largest Aluminium Smelter

A worker walks past the storage of aluminium ingots at the aluminum smelter Aluminium Dunkerque in Loon-Plage near Dunkirk, France, September 22, 2022. REUTERS/Pascal Rossignol
A worker walks past the storage of aluminium ingots at the aluminum smelter Aluminium Dunkerque in Loon-Plage near Dunkirk, France, September 22, 2022. REUTERS/Pascal Rossignol
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Bahrain Starts to Cut Production at World’s Largest Aluminium Smelter

A worker walks past the storage of aluminium ingots at the aluminum smelter Aluminium Dunkerque in Loon-Plage near Dunkirk, France, September 22, 2022. REUTERS/Pascal Rossignol
A worker walks past the storage of aluminium ingots at the aluminum smelter Aluminium Dunkerque in Loon-Plage near Dunkirk, France, September 22, 2022. REUTERS/Pascal Rossignol

Aluminium Bahrain, known as Alba, said on Sunday it had initiated a shutdown of three aluminium smelting lines accounting for 19% of its capacity to preserve business continuity amid ongoing disruption in the Strait of Hormuz.

The closures are the latest impact on the Middle East aluminium sector, which accounts for around 9% ⁠of global supply, from the US-Israeli war on Iran, according to Reuters.

Fears of shortages propelled London Metal Exchange aluminium to a nearly four-year high of $3,546.50 per metric ton on Thursday.

Alba, which has smelting capacity of 1.62 million tons of aluminium per year, said in a statement it had initiated a “controlled and safe shutdown” of reduction lines 1, 2 and 3.

“This targeted, line-specific action is designed to optimize the utilization of Alba's existing raw materials inventory and prioritize operational stability across Reduction Lines 4, 5 and 6,” added ⁠Alba, which describes itself as the “world's largest aluminium smelter on one site.”

The company had issued force majeure on March 4 since it was unable to ship metal to customers due to the effective closure of the Strait of Hormuz.

The closure has also left Middle East ⁠smelters unable to bring in vessels carrying their key raw material, alumina.

Energy supply is another issue for smelters.

Qatar's Qatalum had begun a shutdown on March 3 due to a suspension of its ⁠gas supply but will now operate at 60% capacity.

Alba, meanwhile, said it would use the opportunity to undertake asset care and maintenance on the three shuttered lines, including ⁠comprehensive housekeeping and cleaning activities, laying the foundations for a safe restart when conditions improve.

“The company is also working closely with suppliers and customers to manage commitments and mitigate disruption,” it added.