Türkiye Varlık Fonu (TVF) is expected to become a partner in TOGG, while Vestel Elektronik and Anadolu Grubu Holding, which each own a 23% stake in the company, are reportedly preparing to exit the partnership by selling their shares to other shareholders. Three sources who spoke to Reuters said TVF would acquire part of the shares to be transferred and that Turkcell would also increase its stake. The size of the transaction and the share distribution were not disclosed as talks continue on a final agreement. One source linked Vestel’s exit to Zorlu Grubu’s long-term strategy.
TOGG, which began domestic sales in 2023, sold 39 thousand 20 cars last year and 25 thousand 848 cars in the first seven months of this year, an increase of 30%. The privately held company’s operating loss was said to have declined in the first six months of this year. TOGG, which produces two models, plans to produce three more models in cooperation with CATL, one of them starting in the middle of next year. Turkcell and BMC Otomotiv each also hold a 23% stake in the company, while TOBB owns an 8% stake.
Why it matters
The planned share transfer points to a change that could affect the balance of power in TOGG’s ownership structure and the company’s decision-making processes. The stake to be acquired by Türkiye Wealth Fund and a possible increase in Turkcell’s shareholding raise the question of how the management balance of the privately held company will take shape. The departure of Vestel Elektronik and Anadolu Grubu Holding would mean that two existing shareholders are leaving the company at a time when TOGG is increasing its sales and preparing for new models. Therefore, the change could redefine the role of the shareholders in the company’s growth process, as well as its production plans. However, since the size of the deal and the distribution of shares have not been disclosed, the impact of the new structure on management and strategy is not yet clear.
Background
Türkiye is not a new name in the FikirPilot archive: we have published 22 news reports mentioning it in the last 90 days; the latest is dated 31 August 2026.