Vestel, Anadolu Confirm Talks on Stakes in Türkiye's EV Maker Togg
Vestel Elektronik and Anadolu Group are selling a combined 46% stake as discussions continue on bringing Turkey’s sovereign wealth fund into TOGG.
- Turkey's sovereign wealth fund TVF is set to acquire a stake in electric vehicle maker TOGG, as Vestel Elektronik and Anadolu Group Holding sell their combined 46% interest, according to three sources.
- Founded eight years ago after Turkish President Tayyip Erdogan called for a locally funded passenger car, TOGG is currently owned by Vestel, Anadolu Holding, Turkcell, and BMC Otomotiv, each holding 23% stakes.
- During the first seven months of this year, TOGG's sales rose 30% year-on-year to 25,848 units, while financial statements show losses narrowed significantly in the first six months.
- Following the news, shares in Vestel rose 6.5% and Anadolu Holding climbed 5.5%, while Turkcell shares dropped 5.0% on the Istanbul XU100 index.
- Discussions regarding the acquisition remain ongoing, with sources indicating a final agreement is expected soon; the Union of Chambers and Commodity Exchanges of Turkey retains the remaining 8% stake.
27 Articles
27 Articles
Turkey's wealth fund to become shareholder in local EV maker TOGG ...
A significant change is underway in the ownership structure of TOGG, the domestic electric car manufacturer. It is reported that the Turkish Wealth Fund and Turkcell are emerging as leading contenders in negotiations for Vestel Elektronik and Anadolu Group to transfer their combined 46% stake in the company.
Negotiations are underway for a significant change in Togg's ownership structure. The transfer of a total of 46% of the shares held by Vestel Elektronik and Anadolu Group, each with a 23% stake, is on the agenda. These shares are expected to be acquired by the Turkey Wealth Fund (TVF) and Turkcell, one of Togg's current partners. Automotive journalist Emre Özpeynirci commented on the development with the words, "The 'big players' are leaving one…
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