- Published 2026.11.04 20:34
Hyundai Motor begins mass production of compact EV Ioniq 3 in Turkey
Samsung, LG, SK, Celltrion also discuss expanding local business
Top executives of major Korean companies held a series of meetings with Turkish President Recep Tayyip Erdogan during his state visit to Korea to discuss cooperation in their local businesses. The two countries agreed to expand trade to 21 trillion won (about $15 billion) in areas such as energy, defense and advanced technology, broadening economic cooperation.
According to the Turkish presidential office and business circles on Nov. 4, President Erdogan met separately with Hyundai Motor Group Chairman Chung Euisun, Samsung Electronics President Roh Tae-moon and LG Electronics President Ryu Jae-cheol at his hotel in Seoul. Bio and chemical executives, including Celltrion CEO Seo Jin-seok, SK Chemicals President Ahn Jae-hyun and SK Plasma CEO Kim Seung-joo, also met with President Erdogan.
Hyundai Motor Group is reported to have discussed comprehensive cooperation measures, including expanding its EV business, during the meeting. Hyundai Motor has operated its first overseas production plant in Izmit, Turkey since 1997, with an annual capacity of 200,000 units. Since August 2026, it has begun local mass production of the Ioniq 3, a Europe-focused compact EV, accelerating its transition to eco-friendly vehicles.
The Turkish government's recent imposition of additional tariffs of 40% on Chinese EVs and 50% on hybrid vehicles to protect its domestic industry is creating a favorable environment for Hyundai Motor. Amid intensifying checks on Chinese cars, Hyundai Motor plans to sequentially introduce next-generation hybrid and extended-range electric vehicle (EREV) models from 2027 to raise its local market share.
Cooperation in home appliances and information technology (IT) was also a key agenda item. Samsung Electronics operates sales subsidiaries for home appliances and smartphones in Turkey, expanding its market dominance. LG Electronics operates a joint venture air conditioner plant in Gebze, Kocaeli Province, with a 50-50 stake investment with local appliance maker Arçelik, in addition to its Istanbul sales subsidiary.
In the bio and chemical sectors, executives from Celltrion, SK Chemicals and SK Plasma are reported to have explored possibilities for local investment and business expansion. Earlier, at the Korea-Turkey summit on Nov. 3, President Erdogan agreed to expand bilateral trade from about $11 billion (about 15.4 trillion won) last year to $15 billion (about 21 trillion won), actively seeking to attract investment from Korean companies.
During his visit to Korea, President Erdogan completed a schedule to further strengthen the strategic partnership with Korea in various industries, including defense, nuclear power and artificial intelligence (AI). The two countries are continuously expanding economic cooperation centered on advanced industries ahead of the 70th anniversary of diplomatic relations in 2027.
(Dollar figures are approximate, converted automatically at 1,000 won = $0.738, the rate on Nov. 8, 2026.)
※ This article is an AI translation of the Korean original published by Korea Credit News; it was checked by automated quality guards and published by the English edition desk.
