Türkiye Wealth Fund becomes largest shareholder of electric carmaker Togg

The Türkiye Wealth Fund is set to become the largest shareholder of Turkish electric carmaker Togg following a restructuring of the company's ownership, the fund announced on Tuesday.

The change in the partnership structure was carried out in line with Türkiye's objectives of high value-added production and establishing a global mobility and technology brand, according to a statement from the fund.

Under the restructuring, a share transfer agreement was signed regarding the transfer of shares held by AG Anadolu Grubu Holding and Vestel Elektronik in Togg to the Türkiye Wealth Fund and Turkcell.

Togg's ownership structure was reshaped through a process conducted with mutual agreement among the founding partners.

Under the new ownership structure, the Türkiye Wealth Fund will become the shareholder with the largest stake in Togg.

The signing of the agreement marks an important step toward carrying the institutional experience and competencies accumulated since Togg's establishment into the new partnership structure.

Togg has served as a powerful example of public and private sectors acting together in line with Türkiye's industrial and technological goals.

Entering the automotive market with sales of 19,583 vehicles in 2023, the company reached 37,426 sales in the first nine months of this year.

Becoming the sector leader with a 31% share of the Turkish electric vehicle market during the same period, Togg reinforced its position in the country's electric mobility transition.

The Türkiye Wealth Fund's addition as a shareholder is considered a major step in the fund's objective of realizing domestic investments aligned with Türkiye's strategic priorities.

Developing Türkiye's high value-added production capacity, strengthening technological capabilities and supporting brands capable of competing globally are among the core pillars of the fund's long-term investment approach.

In this context, the investment in Togg represents a strategic move supporting Türkiye's long-term mobility and technology targets in addition to serving as a partnership step that contributes to the company's growth journey.

With the signing of the Share Transfer Agreement, Togg entered a new era in which it will carry forward the foundation built through the contributions of its founding partners under the new ownership structure.

The fund's participation aims to build on past achievements, further develop Togg's technological capabilities and competitiveness, and support the brand's continuing growth journey in domestic and global markets.

As a pioneering project of the National Technology Move, the venture will continue its operations under the new partnership structure in line with the vision and goals set out at its inception.

In the new period built upon the strong foundation created by all contributing stakeholders, the goal is to further expand Togg's achievements and advance its contribution to Türkiye's global mobility and technology targets.