According to a Reuters report citing three sources familiar with the matter, Togg’s founding partners Vestel Elektronik and Anadolu Grubu Holding are in talks to transfer their stakes in the company. No agreement has been signed or announced. In the current partnership structure, Vestel, Anadolu Grubu, Turkcell and BMC Otomotiv each hold 23%, while Türkiye Odalar ve Borsalar Birliği holds an 8% stake. The 46% stake reportedly put up for sale is expected to be acquired by Turkcell and Türkiye Varlık Fonu. While the distribution of the shares and the company’s valuation are unknown, the deal is said to could be concluded soon. Türkiye Varlık Fonu could thus become a direct shareholder in Togg for the first time. Following the report, Vestel shares rose 6.5%, Anadolu Grubu rose 5.5%, while Turkcell fell 5% and the BIST 100 declined 1.26%. Togg’s loss decreased in the first half of the year, while sales reached 25 thousand 848, up 30%. Production needs to rise to the hundreds of thousands for sustained profitability.
Why it matters
This potential transfer raises the question of whether a state-affiliated entity will have a direct presence in Togg’s ownership structure. If Turkcell becomes involved in the process, the balance among the company’s current shareholders could change; however, the scope of the new structure is not yet clear because it is unknown which stake will be transferred to whom and what the company’s valuation will be. The fact that the deal has not been signed shows that the development has not been finalized despite the movements on the stock market. Although the increase in sales and decrease in losses present a positive picture for Togg, the need to raise production volumes to the hundreds of thousands for sustained profitability remains. Therefore, the share transfer leaves open not only the question of ownership but also how the company’s growth and profitability targets will be financed.
Background
Türkiye is not a new name in the FikirPilot archive: we have published 21 reports mentioning it in the past 90 days; the latest was dated August 31, 2026.