Tofas shares drop 7% in Turkey as new Fiat Doblo to be made in Spain

ISTANBUL, June 7 (Reuters) – Shares in Turkish automaker Tofas dropped more than 7% on Tuesday after it said Fiat (Stellantis) (STLA.MI) had announced that the new Fiat Doblo will be produced in a Stellantis factory in Spain.

Tofas previously said Fiat Doblo production would continue at the Tofas factory until end-2022. It said in its latest statement that assessments on prolonging the current version of Fiat Doblo production until end-2023 as well as potential production of new models was ongoing.

Tofas is a joint venture of Turkey’s Koc Holding (KCHOL.IS) and Fiat. Stellantis was formed in 2021 through the merger between France’s PSA and Fiat Chrysler.

Reporting by Can Sezer
Writing by Daren Butler
Editing by Jonathan Spicer

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