Tofas rises after manufacturing agreement with Stellantis Europe

About this update from Tofas Turk Otomobil Fabrikasi A.s.

** Shares in Turkey's Tofas BIST:TOASO rise around 3% after the Turkish automaker signed manufacturing agreement with Stellantis Europe** Tofas said it signs manufacturing agreement with Stellantis Europe SpA with an annual capacity of 150,000 units, involving an investment of up to 256 million euros ($301.21 million)** Manufacturing grants Tofas right to produce and distribute in Turkey "K9"'s light commercial vehicle and "Combi" versions in multi-energy platforms for Stellantis brands (Fiat, Opel, Citroën, Peugeot) and determining conditions regarding sale of vehicles and spare parts** Brokerage Global Menkul Degerler says agreement will support the domestic market, boost exports, develop the local supply chain, and contribute to employment, strengthening Tofas's strategic position** "We regard the news positively" Global Menkul Degerler adds** The stock is among best performers on BIST-100 index BIST:XU100, which is up 0.24%($1 = 0.8499 euros)

View stock analysis, news, and events for Tofas Turk Otomobil Fabrikasi A.s.