Türkiye Wealth Fund Takes Largest Stake in Togg
(MENAFN) The Türkiye Wealth Fund is set to become the biggest shareholder in domestic electric vehicle manufacturer Togg after an agreement reshaped the company's ownership structure, the fund announced Tuesday.
The restructuring reflects Türkiye's ambitions to expand high value-added manufacturing and develop a globally competitive brand in mobility and technology, according to the fund.
As part of the changes, a share transfer agreement was signed covering the transfer of stakes held by AG Anadolu Grubu Holding and Vestel Elektronik in Togg to the Türkiye Wealth Fund and Turkcell.
The revised ownership arrangement was reached through mutual agreement among the company's founding partners, making the Türkiye Wealth Fund its largest shareholder.
The agreement is intended to carry the institutional knowledge and expertise developed since Togg's establishment into its new partnership framework.
The company has been presented as an example of cooperation between the public and private sectors in support of Türkiye's industrial and technological ambitions.
Togg entered the automotive market with 19,583 vehicle sales in 2023. During the first nine months of this year, its sales reached 37,426 vehicles.
Over the same period, the automaker secured a 31% share of Türkiye's electric vehicle market, placing it at the forefront of the sector and strengthening its role in the country's transition toward electric mobility.
The Türkiye Wealth Fund's expanded involvement in the company forms part of its broader strategy to direct domestic investment toward areas considered important to Türkiye's long-term priorities.
Its investment approach focuses on increasing high value-added production, expanding technological capabilities and supporting local brands seeking to compete in international markets.
The fund's participation in Togg is therefore intended not only to establish a new ownership arrangement but also to support the company's expansion and reinforce Türkiye's longer-term mobility and technology ambitions.
With the signing of the Share Transfer Agreement, Togg is entering a new phase, building on the groundwork established through the contributions of its founding partners.
The fund aims to help the automaker preserve its previous achievements, strengthen its technological expertise and improve its competitiveness as it pursues further growth in domestic and international markets.
As a flagship initiative of Türkiye's National Technology Move, Togg will continue operating under the revised partnership structure while pursuing the vision and objectives established when the project was launched.
The new arrangement is expected to build on the contributions of all stakeholders and further advance the company's role in Türkiye's ambitions to become a global player in mobility and technology.
The restructuring reflects Türkiye's ambitions to expand high value-added manufacturing and develop a globally competitive brand in mobility and technology, according to the fund.
As part of the changes, a share transfer agreement was signed covering the transfer of stakes held by AG Anadolu Grubu Holding and Vestel Elektronik in Togg to the Türkiye Wealth Fund and Turkcell.
The revised ownership arrangement was reached through mutual agreement among the company's founding partners, making the Türkiye Wealth Fund its largest shareholder.
The agreement is intended to carry the institutional knowledge and expertise developed since Togg's establishment into its new partnership framework.
The company has been presented as an example of cooperation between the public and private sectors in support of Türkiye's industrial and technological ambitions.
Togg entered the automotive market with 19,583 vehicle sales in 2023. During the first nine months of this year, its sales reached 37,426 vehicles.
Over the same period, the automaker secured a 31% share of Türkiye's electric vehicle market, placing it at the forefront of the sector and strengthening its role in the country's transition toward electric mobility.
The Türkiye Wealth Fund's expanded involvement in the company forms part of its broader strategy to direct domestic investment toward areas considered important to Türkiye's long-term priorities.
Its investment approach focuses on increasing high value-added production, expanding technological capabilities and supporting local brands seeking to compete in international markets.
The fund's participation in Togg is therefore intended not only to establish a new ownership arrangement but also to support the company's expansion and reinforce Türkiye's longer-term mobility and technology ambitions.
With the signing of the Share Transfer Agreement, Togg is entering a new phase, building on the groundwork established through the contributions of its founding partners.
The fund aims to help the automaker preserve its previous achievements, strengthen its technological expertise and improve its competitiveness as it pursues further growth in domestic and international markets.
As a flagship initiative of Türkiye's National Technology Move, Togg will continue operating under the revised partnership structure while pursuing the vision and objectives established when the project was launched.
The new arrangement is expected to build on the contributions of all stakeholders and further advance the company's role in Türkiye's ambitions to become a global player in mobility and technology.
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