Key facts
- AG Anadolu Grubu Holding will transfer its 23% Togg stake for 184 million euros, split between Turkcell and TVF.
- Vestel Elektronik will sell its entire 23% Togg stake to TVF for 184 million euros.
- Turkcell said its Togg ownership will rise to 34% once the transaction is finalized.
- Vestel said at least 90% of sale proceeds will repay overdue cash bank loans within 30 days.
Turkey's sovereign wealth fund is buying stakes in electric carmaker Togg from two of its original investors, in deals that value the project at $900 million, according to the primary report.
Filings with the Public Disclosure Platform (KAP) show AG Anadolu Grubu Holding agreed to transfer its 23% stake in Togg for a total of 184 million euros, with 11% of Togg's capital going to Turkcell and 12% to the Türkiye Varlık Fonu (TVF). Vestel Elektronik decided separately to sell its entire 23% stake to TVF for 184 million euros.
Turkcell said in its filing that its ownership interest in Togg will rise to 34% once the transaction is finalized, and that the investment aligns with its digital services and technology infrastructure capabilities. Vestel said it will use at least 90% of the sale proceeds to repay overdue cash bank loans within 30 days of receipt.
Industry and Technology Minister Mehmet Fatih Kacir said Togg made 19,600 deliveries in 2023, 30,000 in 2024 and 39,000 in 2025, and expects close to 60,000 deliveries by year-end, with a new model planned for next year and capacity moving toward 100,000 units.