Turkish President Recep Tayyip Erdoğan said Tuesday that Turkey's first indigenous automobile would contribute 50 billion euros ($58.7 billion) to the country’s Gross Domestic Product (GDP).
Erdogan said on Twitter that the electric car will also reduce Turkey’s dependency on petroleum.
“Our electric automobile that will hit the roads in 2021 will contribute 50 billion euros to GDP, reducing oil dependency. It's time for a local car. It’s time for Turkey,” he said.
Erdogan also shared a graphic that described how the indigenous automobile would contribute to Turkey’s economy.
Nearly 100 sub-sectors that will develop information, software and digital technologies will form and smart driving systems will reflect technologies of the future, the graphic said.
It also will contribute 7 billion euros ($8.2 billion) to the current account deficit and 20,000 jobs.
Turkish shipyard builds 47 ships for Norwegian company
A shipyard located in Turkey's Marmara region has built its 47th ship for the Norwegian company, Havyard Group, head of the shipyard said on Tuesday.The 47th ship is battery-powered, 115 meters long and 180-car-capacity ferryboat, named Fyord1, Cemre Shipyard Chairman Orhan Gulcek said at the launching ceremony in northwestern province of Yalova."We broke a record in Turkey by producing the most ships for a single company," said Gulcek.The ship is Norwegian company's first ferryboat design, he added.Cemre Shipyard, established in 1996, builds ships at its 70,000-meter-square plant in Yalova.The Havyard Group is active in ship design, shipbuilding technology, fish handling, and power systems.Turkey's ship and yacht sector's exports were $354.4 million in the first five months of the year and $1.33 billion in 2017, according to the Turkish Exporters' Assembly data.
Tesla to lay off 9 percent of workforce
Tesla Chief Executive Elon Musk told employees Tuesday that the company would lay off 9 percent of its workforce.The move to cut thousands of workers is a way to slice costs and seek sustainable profitability, Musk argued. Shares of Tesla rose 3.2 percent amid the news to close at $342.77.“We made these decisions by evaluating the criticality of each position, whether certain jobs could be done more efficiently and productively, and by assessing the specific skills and abilities of each individual in the company,” Musk wrote in an email sent to all Tesla employees.Based off company filings, around 3,300 people would likely be laid off.Investors have been pressuring the company to speed up production of its Model 3 electric luxury sedan. Musk noted that the employment cuts will not impact this push to manufacture more Model 3 cars.Earlier in June, Tesla said at a shareholders meeting that Model 3 production had reached 3,500 cars per week. The company wants to increase production to 6,000 per week by the end of June in order to break even on each car produced. Part of this ramp-up included hiring new employees.Musk said the drive toward profitability, and, therefore, the job cuts, was an unfortunate byproduct of the structures that govern Tesla.“Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us,” Musk continued. “What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid unfair criticism of Tesla’s history to date.”In total, Tesla employs about 37,000 people, the company estimates.
Turkey: Historic TANAP gas pipeline project goes live
The historic Trans Anatolian Natural Gas Pipeline (TANAP) project was officially launched Tuesday in the central Turkish city of Eskisehir.TANAP was opened by Turkish President Recep Tayyip Erdogan, Azerbaijani President Ilham Aliyev, Ukrainian President Petro Poroshenko, Serbian President Aleksandar Vucic, and Mustafa Akinci, president of the Turkish Republic of Northern Cyprus.Speaking at the ceremony, Erdogan called TANAP the fruit of the shared vision of the countries involved in the project and said it would pave the way for similar future projects.“The political and economic stability Turkey has ensured over the last 16 years in Turkey has played a very significant role in realizing TANAP in such a short time,” Erdogan said, referring to the era of Justice and Development (AK) Party rule.Calling it a historic step for the countries of the region, he added: "We are opening the Trans Anatolian Natural Gas Pipeline, the backbone of the southern gas corridor, which we call the Silk Road of energy."Erdogan said the project was made possible primarily due to good Turkish-Azeri relations, based on mutual trust. He added that the harmonization and understanding among producer, transit, and consumer countries, and companies also sped up the process."In this respect, TANAP is also a sign of multilateral cooperation. The understanding that we see energy not a conflict, but as cooperative ground has once again taken shape in flesh and bones thanks to TANAP," Erdogan said.Noting TANAP’s starting capacity of 16 billion cubic meter (bcm) of natural gas, he said 6 billion of that will go to Turkey, while 10 billion will go to Europe."We aim to increase TANAP's capacity to 22 bcm based on demand, and to 31 bcm immediately after with additional investments," he said.Erdogan said first gas delivery to the Greek border is set for June 2019."We have sent our first local and national drilling ship the Fatih to the Mediterranean. With this ship and its cutting-edge technology, we have addressed an important shortcoming of our country," Erdogan said, adding that they have boosted Turkey's renewable energy resources' installed power from 12,305 megawatts to 40,838 megawatts.US strongly backs TANAP for energy securityErdoğan to inaugurate TANAP pipeline in central TurkeyRegional, global cooperationTANAP is a critical project, as it will boost the security of energy supplies, said Berat Albayrak, Turkey's energy and natural resources minister.He called TANAP a new symbol of the Turkish-Azeri brotherhood."The regional cooperation between Turkey, Azerbaijan and Georgia turned into global cooperation. TANAP is a project of vision, stability and strong leadership," Albayrak said.TANAP at a glanceThe opening ceremony featured the attendance of government leaders, energy company executives, and senior bureaucrats from shareholder and friendly countries.TANAP is a natural gas pipeline stretching from the Turkish-Georgian border to the Turkish-Greek border to supply natural gas to both Turkey and also European countries.The 1,850-kilometer pipeline is the largest section of the 3,500-km Southern Gas Corridor, which was inaugurated on May 29 in Baku.TANAP, with around $8 billion in investment, will deliver 6 billion cubic meters of Azeri gas to Turkey and 10 billion to Europe per year. The European part of the project is expected to be operational in 2020.The TANAP project has seen the employment of around 13,000.The estimated investment cost was $11.7 billion at the start of the project, but this figure has been revised down to $7.99 billion.Currently, the Southern Gas Corridor Company holds a 51 percent share, Turkey's BOTAS has a 30 percent interest, BP holds 12 percent, and SOCAR Turkey has the remaining 7 percent.TANAP will be followed by an 878-km cross-border natural gas pipeline, the Trans Adriatic Pipeline (TAP). TAP is currently under construction, stretching from the Greek-Turkish border crossing Greece, Albania and the Adriatic Sea to Italy. At its entry point, TAP will connect to the Trans Anatolian Pipeline (TANAP) in Turkey.The European Investment Bank (EIB) in March approved €932 million ($1.15 billion) in financing for TANAP.
The graphic also contained automotive industry export data which showed that exports rose from $4.8 billion to $28.5 billion from 2002 to 2017 while annual production in the automotive industry rose from 347,000 to 1,696,000 units during the same period.
Turkey launched a joint venture to produce its first domestically-produced car in November last year.
Five local firms -- Anadolu Group, BMC, Kiraca Holding, Turkcell and Zorlu Holding -- will jointly manufacture the car.