ISTANBUL

Turkey’s first homegrown automobile production plant will be completed in 2021 and the first car will be produced in 2022, a top official said Friday.

Turkey’s Automobile Joint Venture Group (TOGG), a conglomerate of industrial giants, will invest 22 billion Turkish liras ($3.7 billion) in the next 15 years, its chairman Rifat Hisarciklioglu at the launch of the car’s first prototype.

“Each stakeholder of TOGG promised to give €500 million ($557.64 million) capital. They will not take profit from the company during the first 15 years,” he said, at a ceremony in the industrial province of Kocaeli.

Read more: Turkey to produce first indigenous automobile in 2022