Togg's 46 percent stake to change hands

A share transfer that would change the partnership structure of Turkey's electric car manufacturer Togg is on the agenda. According to sources speaking to Reuters, the Turkey Wealth Fund (TVF) is expected to be involved in the transfer of the total 46 percent stake held by Vestel Elektronik and Anadolu Group in the company.

In the current structure, Vestel Elektronik, Anadolu Group, Turkcell, and BMC Otomotiv each hold a 23 percent stake in Togg. The share of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) is at the 8 percent level. Sources stated that the total stake belonging to Vestel and Anadolu Group will be acquired by Turkcell and the TVF, and that the negotiations are expected to be completed shortly. No information was shared regarding the sale price.

Togg was established by the current partners about eight years ago following the call by AKP Chairman and President Recep Tayyip Erdoğan for the production of passenger cars with entirely domestic capital. The company is not publicly traded.

Following the news flow regarding the share transfer, there was activity in the shares of the relevant companies on the stock exchange. While Vestel Elektronik shares rose by 6.5 percent and Anadolu Holding shares by 5.5 percent during the day, a decline of nearly 5 percent was observed in Turkcell shares.

According to the company's financial statements, Togg's losses, which amounted to several billion liras last year, decreased significantly in the first half of 2026. While Togg sold 39 thousand 20 vehicles in Turkey in 2025, it increased its sales by 30 percent in the first seven months of 2026 compared to the same period last year, reaching 25 thousand 848 units.

Industry sources point out that it is difficult for automotive manufacturers to reach profitability without annual production volumes exceeding 100 thousand units, despite tax advantages and incentives.

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STATEMENT FROM 3 PARTNERS REGARDING NEGOTIATIONS

Vestel, Anadolu Group, and Turkcell made a statement to the Public Disclosure Platform (KAP) following the reports in the press regarding the shares within the Turkey's Automobile Joint Venture Group Industry and Trade Inc. (Togg).

While all three companies confirmed that negotiations regarding the shares in question are ongoing, they reported that there is no decision or binding contract finalizing the transaction at this stage.

VESTEL: NEGOTIATIONS ARE ONGOING

In the statement sent by Vestel to KAP, it was stated that it was deemed necessary to make an explanation following the reports in the press regarding the company's shares in Togg.

The company reported that various negotiations regarding the shares are continuing in line with its investment policies and strategies, but that no Board of Directors decision has been taken yet to finalize the transaction.

The following statements were included in Vestel's announcement:

"Various reports have appeared in the local and international press on 31.08.2026 regarding the shares our Company holds in Turkey's Automobile Joint Venture Group Industry and Trade Inc., and it has been deemed necessary to make the following statement within the scope of Article 9 titled 'Verification of News and Rumors' of the Capital Markets Board's Communiqué on Material Events No. II-15.1. Within the framework of our company's investment policies and strategies, various negotiations regarding the shares subject to the news are ongoing, and at this stage, there is no Board of Directors decision taken that finalizes the transaction."

ANADOLU GROUP: NO BINDING CONTRACT

Anadolu Group also made a statement via KAP following the news about its shares in Togg. The company announced that negotiations regarding the shares are continuing but that no binding contract has been signed yet to finalize the transaction.

The following statements were used in Anadolu Group's announcement:

"Various reports have appeared in the local and international press on 31.08.2026 regarding the shares our Company holds in Turkey's Automobile Joint Venture Group Industry and Trade Inc., and it has been deemed necessary to make the following statement within the scope of Article 9 titled 'Verification of News and Rumors' of the Capital Markets Board's Communiqué on Material Events No. II-15.1. Within the framework of our company's investment policies and strategies, various negotiations regarding the shares subject to the news are ongoing, and at this stage, there is no binding contract that finalizes the transaction. In the event that significant developments regarding the potential transaction emerge, the necessary public disclosure announcements will be made."

MESSAGE FROM TURKCELL THAT NEGOTIATIONS ARE ONGOING

Turkcell, which is in the position of a potential buyer of the shares in Togg, also made a statement to KAP. The company stated that it can conduct negotiations for its subsidiary portfolio within the scope of its investment strategies, and announced that negotiations are continuing for the transaction mentioned in the news.

The following statements were included in Turkcell's announcement:

"In the reports that appeared in the local and international press on 31.08.2026, rumors were included that our Company and the Turkey Wealth Fund are conducting negotiations for the purchase of certain shares representing the capital of Turkey's Automobile Joint Venture Group Industry and Trade Inc. Our company can conduct negotiations for its subsidiary portfolio within the framework of its investment strategies, and at this stage, negotiations are continuing regarding the transaction that is the subject of the news." it was said.

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JUNE PLAN FOR THE NEW T6X MODEL

Togg Chairman of the Board Fuat Tosyalı had also stated in a previous explanation regarding the T6X model, which the brand developed after the T10X and T10F, that the accessibility criterion was highlighted in the new model. Tosyalı had expressed that it was planned to start collecting demand for the T6X in June and to make deliveries starting from the end of the month.

In his assessment regarding the price of the model, Tosyalı stated that there was no change in the targets at the beginning of the year and said, "We are continuing our efforts to offer the T6X at these competitive price levels."