Koper - AK Automotive, a Turkish-owned company, to expand production and has recently purchased a production facility in Koper it used to lease from Cimos. It plans to invest more than EUR 20 million in the location within a year.

AK Automotive was set up in 2018 by Kücükoglu Holding, which acquired Cimos's kinematics business the same year.

The company now manufactures car parts for Audi, Daimler, Volkswagen and Aston Martin, AK Automotive director Bülent Göral has told the STA.

Apart from the existing facility, the company intends to build a new one on some 2,000 square metres to install a new machine for the manufacture of larger car parts and chassis segments.

"Given the factories of our clients, we see this factory as having a strategic location," Göral said.

The company did not reveal its financials, but Göral said it had finished the past two years in the red, as expected.

The number of employees is expected to increase from 75 to 95 by the end of 2021 and to 220 by the end of 2023, of whom around 30% would be engineers and technicians.