Conglomerates Vestel Elektronik and Anadolu Group are in advanced negotiations to sell their stakes in Turkey’s first domestic electric vehicle manufacturer TOGG.
Their departure marks a major transformation in the ownership structure of the flagship national car initiative and may see the state taking a major stake in the manufacturer.
The Sovereign Wealth Fund of Turkey, known as TVF, alongside existing shareholder Turkcell, are negotiating to acquire the combined 46 percent equity held by the departing partners, Reuters reported.
In disclosures on the Public Disclosure Platform, participating companies confirmed the ongoing negotiations. Anadolu Group said that discussions regarding its shares continue within the framework of company investment policies, though no binding contract has been signed. Turkcell similarly confirmed talks regarding its affiliate portfolio.
FINANCIAL PROBLEMS BEHIND PULL-OUT DECISION
In a story it later pulled without explanation, pro-government newspaper Yeni Şafak reported that Zorlu Holding, the parent company of Vestel, had problems with its capital transfers to TOGG. Suffering from high interest rates, the conglomerate plans to offset part of its debt using cash proceeds generated from TOGG, it said. Zorlu, which holds a 23% stake in the venture, was responsible for manufacturing critical components for TOGG, including its display screens.
Yeni Şafak also cited Anadolu Group’s desire to redirect its cash flow to other sectors as the reason behind its decision to exit. Anadolu Group owns Efes beer and the Migros supermarket chain as well as other operations.
TOGG, which stands for Turkey Automobile Enterprise Group, was established in 2017 in response to a call from President Recep Tayyip Erdoğan for a fully domestic passenger car. The original venture brought together five major corporate backers alongside the Union of Chambers and Commodity Exchanges of Turkey, which holds an eight percent stake. Vestel Elektronik, Anadolu Group, Turkcell, and commercial vehicle manufacturer BMC Otomotiv each held 23 percent shares.
Following the earlier exit of Kıraça Holding due to capital increase decisions, the upcoming departures of Vestel unit and Anadolu Group will consolidate control largely under Turkcell and state-aligned entities.
NO PROFIT YET
The manufacturer rolled off its first serial production electric vehicles from its Gemlik assembly facility in April 2023. TOGG registered 39,020 vehicle sales across Turkey in 2025 and reached 30,734 units during the first eight months of 2026, bringing the total number of vehicles on the road to approximately 120,000.
TOGG has yet to achieve operational profitability since its launch. Although net losses narrowed significantly during the first half of 2026, automotive industry analysts emphasize that manufacturing enterprises typically require annual production volumes exceeding 100,000 units to reach sustainable commercial profitability.
